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The news that oats can help reduce cholesterol has caused people to prefer to eat more oats. This change in preference would be expected to cause the demand curve for oats to shift to the right, and equilibrium price and quantity of oats to increase. If the price of oats increases, what effects might be felt in other markets, and why?
Use separate graphs to sketch two indifference curves for people with each of the following utility functions.
Assume a firm is currently employing 20 units of capital and 100 units of labor in its production process. Assume also that the marginal product of the 20th unit of capital is 40 units of output, the marginal product of the 100th unit of labor is 10 ..
A welfare system in which benefits take the form of cash payments to recipients is preferable to one based on the use of price subsidies on merit goods. Discuss this statement using consumer theory to illustrate your arguments.
Suppose Ann’s utility function is defined as: u(c) = ln(c) . For her birthday, Ann’s father offers her the choice of either a lottery ticket that is worth $1 with probability .99 and worth $100,000 with probability .01 or $500 cash. What is the expec..
Explain why the demand for the good or service provided by the organization you work for is elastic or inelastic. How does this influence pricing decisions?
Explain how a subsidy on agricultural goods like sugar adversely affects the income of foreign producers of imported sugar. Explain how trade barriers save jobs in protected industries, but only by costing jobs in other industries.
Tax Freedom Day answers the basic question, Illustrate what cost is the nation paying for government.
What is the sampling distribution of p ? for this study? What is the probability that the sample proportion p?
Discuss whether horizontal or vertical boundaries have been changed, and whether they were extended or shrunk. Following the September 11, 2001 attacks, the U.S. government established the Department of Homeland Security.
Alice and Barbara are playing a one-stage guessing game. Each must choose a number between 1 and 8 (inclusive). Alice’s target is to match Barbara’s number. Barbara’s target is to name twice Alice’s number. Each receives $10 minus a dollar penalty th..
Consider Solow's model when the production function is Y = 1000K0.3L0.7. The population growth rate is 2%, ? = 0.1 is the depreciation rate and s = 0.25 is the savings rate. Compute how much more output there is in this economy immediately thanks to ..
An industrial engineer proposed the purchase of RFID Fixed-Asset Tracking System for the company’s warehouse and weave rooms. The engineer felt that the purchase would provide a better system of locating cartons in the warehouse by recording the loca..
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