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Explain why most economists believe it is absolutely necessary to allow free trade in an economy. Why is it harmful (under most circumstances) to have tariffs and trade barriers?
In "Preventing a Brave New World" (pp. 331-343), Leon Kass concludes that reproductive and therapeutic cloning of human embryos is unethical. What are the exact steps in Kass's argument for this conclusion? What is your assessment of the strengths an..
a company builds furniture. recently different woods they use have become harder to obtain. consultation with
According to the innovation theory of profit, above-normal profits are necessary to compensate the owners of the firm for the risk they assume when making their investments.
Consider a Cournot duopoly with the inverse demand p = 130 ? Q. Both firms have constant marginal and average cost MC = AC = 10. Find the Cournot-Nash equilibrium output and profit of each firm. Calculate the consumer surplus and DWL. Find the Bertra..
A computer-controlled milling machine will cost Ajax Manufacturing $65,000 to purchase plus $4700 to install. If the machine would have a salvage value of $6600 at EOY 20, how much could Ajax charge annually to depreciation of this equipment? Ajax us..
Determine the firm’s supply functions when all fixed costs are avoidable. Determine the firm’s supply functions when all fixed costs are sunk. Determine the firm’s supply function when only $200 of the firm’s fixed costs are avoidable.
What is the current macroeconomic situation in the United States? What should the Fed do about it? What monetary policy tools should the Fed use to achieve the results you recommend?
A country that borrows more from the rest of the world than it lends to it in a year is called a ________, and a country that lends more to the rest of the world than it borrows from it in a year is called a ________.
Although firm expects the order to be of 6 units, determine the minimum average cost of the firm with these different order sizes.
Explain the main differences between demand-pull inflation and cost-push inflation. Analyze the differences between cost-push inflation and built-in inflation. Does the official unemployment rate understate the “true” degree of unemployment in the Un..
Adam Sandler has a utility function U(C,L)=C^1/2L^1/2. The wages now available to him are $9/hour and non wage incomes in royalties are $6/day. Find the MUL and the MUC. Find the MRS for leisure to consumption to find the optimal ratio of leisure to ..
The United States currently has an “opt-in” system for organ donations from the deceased. People must explicitly choose postmortem donation ahead of time (as when they obtain their driver’s license). Many other nations have “opt-out” systems:
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