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What is the difference between the short run and the long run?
Explain the difference between total product, marginal product and average product.
What is the relationship between total product, marginal product, and average product shown by the law of diminishing returns?
Interpret this statement: “If diminishing returns did not occur, the world could be fed out of a flower pot.”
Comment on the problem with this statement: “Of course, there are diminishing marginal returns from adding more workers to a fixed quantity of plant and equipment because additional workers are not as good as initial workers.”
What is the law of diminishing returns? Give a descriptive example.
How can total course learning and studying be related to the law of diminishing returns?
It has been determined that, in aggregate, financial institutions with depository accounts currently hold excess reserves equal to $3 billion—that is, they hold $3 billion more than is necessary to meet the reserve requirements associated with existi..
Which of the following represents an example of a major cartel in global markets? ? ?The Organization of Wheat and Corn Exporting Countries (OWCEC). ?The Brotherhood of Scrap Iron Exporting Countries (BSIEC). ?The Organization of Petroleum Exporting ..
______The term standardization means
Traffic at a certain intersection is 2000 cars per day. A consultant has told the city that traffic is expected to grow at a continuous rate of 4% per year. How much traffic will be expected at the end of 5 years? : P=2k, r=4% continuous comp, n=5, F..
Suppose we investigate a particular example of a model with no government. Suppose the consumption function is given by C=100+.8Y, whereas investment is given by I=50. What is the equilibrium level of income in this case? What is the level of saving ..
What is economics? Why is economics considered a social science? What role does economics play in your personal and professional lives?
Evaluate how business environment is influenced by government economic policy which may be identified through your application of economic theory - Critically evaluate measures used by governments and central banks to manage the economies of their ..
In the country of Mainia, GDP consists of cranberries and maple syrup. In 2000, 50 units of cranberries are sold at $10 per unit, and 100 units of maple syrup are sold at $5 per unit. If the price of cranberries was $5 per unit and the price of maple..
The first fundamental welfare theorem gives the conditions under which the private market can lead to a particular efficient outcome. A Pareto efficient allocation is one that yields a fair outcome.
The following figure shows the demand and supply in a market, and the supply when there government decides to impose a specific tax and collect it from the producers. What ad-valorem tax (% collected from the producers revenue) would generate the sam..
10 consumers, ranked by their value for a network product v = 1...10, are deciding whether to connect to the network. If there are n people on the network, including oneself, then a consumer's willingness to pay equals n x v. What is the highest pric..
Suppose that you own a 25 year old movie theater in Micropolis. It has 6 screens and a concession stand. Across town there is a 7 year old movie theater with 4 IMAX screens and 20 more regular screens. Define price discrimination. Describe a price di..
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