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1. Suppose the people of Pongo love the sound and smell of burps. When a person burps, it makes this person happy and all other people around them happy. However, burping is exhausting. When you burp in Pongo, the people around you received additional happiness through your actions. This situation is an example of?
2. A friend tells you that you are generally paid for your worth to your employer.
What does he mean by this?
Which principle of economics deals with this topic?
q1. megan used to work at the local pizzeria for 15000 per year but quit in order to start her own deli. to buy the
Explain how does imposing rent controls affect the number of housing units available to low-income families
A proposal has been advanced to limit advertising of pharmaceutical prices to prevent unfair pricing by national chains. You estimate that limits on price advertising will change the price elasticity of demand from -5.63 to -4.43. From the pharmacist..
Based on market research, Drexoogle has determined that the market demand for this product is Q = 2000 – p, where Q is in thousands of earpods and p is in dollars. Drexoogle’s cost function is 1000Q (there are no fixed costs). First, suppose that Dre..
Walmarts decision in 1994 to continue operating stores in specific cities in Mexico when other firms were pulling out would be classified as
What is the relationship between economies of scale and a natural monopoly? Why is the level of output at which marginal revenue equals marginal cost the profit-maximizing output?
Davy Metal Company produces brass fittings. Davy's engineers estimate the production function represented below as relevant for their long-run capital labor decisions.Is this an increasing, decreasing, or constant returns to scale production function..
Just construct the diffusion index from month 2 to 3. In this problem, we have three leading indicators. The diffusion index from month 1 to 2 is 66.7 (=2/3) because two indicators move up and one moves down.
As an economist working at the International Monetary Fund, you are given the following data for South Africa: predicted per capita GDP, relative to the United States, as given by y=k^1/3, is 0.55, and total factor productivity is 0.33. What is the o..
Suppose a monopolist faces demand of Q = 300 – 2P and has a total cost curve of TC = 75Q + Q2. What is the firm’s marginal revenue? What is the firm’s marginal cost? Find the firm’s profit-maximizing price and profit.
Which of the following would cause an increase in long-run aggregate supply?
If the government provides every citizen a hula-hoop then it follows that in economic terms:
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