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Course Objectives and Learning Outcomes
·Create and use economic graphs and numerical models to analyze and solve microeconomic problems.
·Analyze the impact of government activity in markets.
·Use a graph combining supply and demand to illustrate market equilibrium.
·Explain why governments intervene in markets with price floors and price ceilings and predict how those markets will be affected.
Assignment Requirements
This is a self-reflection paper developed based on the classroom discussion around minimum wage. Explain the effect minimum wage has on the economy. List and describe both the pros and cons of the more recent increases in the federal minimum wage. This two-page paper should reflect the points raised in the class discussion and any conclusions reached.
Suppose the recipient of a kidney transplant has stated that she would prefer 5 years of perfect health to the 10 years she expects to live with her transplant.
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"Monopolies are very efficient." Do you agree or disagree? Provide justification for our response.
Libertyville has two optometrists, Dr. Jones (J) and Dr. Smith (S). Each optometrist can choose to advertise his service or not. The net revenue to each optometrist, in thousands of dollars, is listed on the payoff matrix below
As a result of Barry's recommendation, Texas Crude purchased the tool for $30,000 on January 1, 2005. By January 1, 2006, the tool had saved a total of $5,000 and went on line full time. After going on line full time, the tool saved Texas Crude $9..
What is the most you would pay to call her and ask for the result? Be sure to show the decision tree that fuels your reasoning.
Assume a country has a life expectancy of 51.5, an adult literarcy rate of 62.6 percent, a combined gross enrollement ratio of 45 percent, and GDP per capita PPP of $853.
Which of the following would lead to a DECREASE in the demand for tennis balls and marv has a Bachelor of Science degree in mechanical engineering and could be earning $30,000 annually as mechanical engineer.
Why is a common analysis period necessary in comparing mutually exclusive alternatives by the "Present Worth Method", but is not necessary in the "Equivalent Uniform Annual Cash Flow method"?
Draw a standard supply and demand diagram which shows the demand for new housing units that are purchased each month, and the supply of new units built and put on the market each month.
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