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Which of these situations describe an equilibrium, and which does not? If not, what would an equilibrium look like? Remember that the definition of equilibrium means, in part, that there is no incentive or push/pull to change from the current described state.
Many people regularly commute from the suburbs to the downtown area of a local city. Due to traffic congestion, the trip takes 30 minutes when you travel by highway, and15 when you go by side streets.
There are 2 gas stations at the intersection of Main and Vine. One charges $3.75 for regular and the other charges $3.25. Customers can get gas immediately at the first station, but must wait in long lines at the second.
Every student who enrolls in econ principles must also attend a weekly tutorial. This semester, 2 sections are offered, which meet at the same time, in adjoining classrooms and are taught by equally competent and liked instructors. Section A is overcrowded with people sitting on the floor and unable to see the board and Section B has many empty seats.
According to new growth theory, per capita growth is:
supply and demand please respond to the followingfrom the e-activity examine the key factors that influence the supply
One of your friends uses the terms ethics and morality interchangeably. You do not think this is correct. How would you explain the difference between ethics and morality? Provide an example of morality and one of ethics in your explanation.
Sally earned $25,000 per year before she became a mother. After she became a mother, she told her employer that she would not be willing to work for anything less than $50,000. Her decision is based on
From the perspective of normative economics, what differences does it make whether able-bodied citizens are compelled to work on the bridge or whether a workforce is recruited through a normal process of making job offers to applicants and relying..
Explain the nature of the winner’s curse and why it occurs in a common-value auction. Why the winner is’s cursing not a problem for private-value auctions?
What exactly is computational economics? For example, does certain software for calculating/predicting/visualizing cost of manufacture falls under computational economics?
Suppose you own a car wash and that its total cost function is C = 20 + 2Q + .3Q^2 where C = total cost in dollars per hour and Q is the number of cars washed per hour. You receive 5 dollars for each car washed. Derive the firm’s short run supply cur..
You are a manager for monopolistically competitive firm. From experience, the profits maximizing level of output of your firm is 100 units. However, it is expected that prices of other close substitutes will fall in the near future. How should you ad..
The BRICS (Brazil, Russia, India, China, and South Africa) nations are increasingly important in international business. Provide a comprehensive description of the economy of each of these nations and identify reasons why the BRICS countries are grow..
What is the point elasticity of demand at equilibrium? What is the marginal revenue at equilibrium?(use equation connecting MR and P) If marginal cost is constant $8 dollars, should we keep producing and selling? until which point we can keep produci..
Sally gets pleasure from good Y but gets no pleasure from good X. Tim gets no pleasure from good Y, but gets pleasure from good X. Draw indifference curves in an Edgeworth Box (place Sally's origin at the lower left and place good X on the horizontal..
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