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Use the concept of a production possibilities curve to illustrate the choice between consumption of lifetime earnings during the period when the income was earned (horizontal axis) and consumption during retirement years (vertical axis). (HINT: this is a 2-period comparison…you do not need to show number of years nor any dollar amount for the consumption/income) b) (2 points) Will the vertical intercept be greater or less than the horizontal axis? c) (2 points) Why?
Suppose you manage a convenience mart and are in charge of ordering products but do not set the price. The home office provides the prices. In your area, the income elasticity of demand for peanut butter is -.05. Due to local factory closings, you ex..
q. you are still a manager of a small wigest producing firm. now there are 14 such firms including yoursin industry.
Consider an economy that has the "typical" sacrifice ratio we discussed in the Power Points. If inflation is currently 6% and the economy would like it to be 2% within the year, that economy must experience a ____________% change in GDP (output).
Imagine you are a manager of a chemical company. An accident has occurred in which chemicals leaked into the ground water nearby, the community is unaware. Assess the costs involved in cleaning up the water immediately (confessing) versus hiding the ..
The corresponding cash flow diagram for the first two 6-year cycles is shown below. Fill in the missing amplitudes of all cash flows. Then compute the equivalent annual cost (in each cycle) of the maintenance and resurfacing costs (ignore the ini..
Show how each of the following would initially affect a bank's assets and liabilities.
If a price in a competitive market is "too high to clear the market," what does this normally mean. Assume upward-sloping supply curves.
Suppose that the public wishes to hold $0.35 in pocket money (currency and coin) and $0.25 in time and savings deposits. Suppose that banks wish to hold $0.20 for each new dollar of transaction money received. Suppose that $0.05 finds its way outside..
Manufacturer A is starting to make Gismos at an initial production cost of $95 for the first unit and has been lowering the cost with a learning rate of 79 percent. Manufacturer B also started this year with an initial production cost of $288/unit wi..
20 years ago John invested $10,000 in a mutual fund. The value of his investment declined by 19% during the first year and then declined another 30% during the second year. 18 more years have passed, and john's cumulative return on the 20 year period..
Starting from a long run equilibrium, trace the effects for both a competitive firm and the market of a permanent reduction in market demand for: Consider two consumers, John and Maria, each with an quantity of two goods: corn and sug
What has been the economic effect of marijuana legalization in Nevada, California and all the states that have legalized both medical and recreation marijuana? What similarities or dissimilarities are there, when you compare marijuana legalization wi..
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