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Each question should be at least 125 words. Do not copy other's , use your own words.
1) How are scarcity, choice, and opportunity cost related?
2) What are the effects of an increase in the minimum wage in the U.S. economy? Who would be most affected?
3) Why is elasticity of demand greater for goods that are a large share of a consumer's budget?
4) What is the difference between accounting profits and economic profits? Which of the two concepts is more appropriate for explaining decisions made by entrepreneurs? Explain.
5) Differentiate between the short run and the long run? What is the appropriate time dimension of the long run?
Suppose that for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Draw the isoquants (on a graph with backhoe, “K”, and backhoe operators, “E”..
q1. a good example of an oligopoly market structure is the airline industry. there are not many airlines in the
The owner's of a small manufacturing concern have hired a manager to run the company with the expectation that he will buy the company after 5 years. Compensation of the new vice president is a flat salary pluss 75% of the first $150,000 profit, then..
Suppose the economy is at a short-run equilibrium GDP that lies above potential GDP. Which of the following will occur because of the automatic mechanism adjusting the economy back to potential GDP?
uppose that the two years have elapsed since you purchased the security, and you have received the first two payments of $600 each. Now suppose the market interest rate suddenly jumps to 10%. How much would another investor be willing to pay for your..
If short-run equilibrium GDP is above potential GDP, prices will eventually rise. A tax reduction shifts the consumption schedule downward. A superior level of technology is an important reason the productivity of workers in rich countries is high. A..
Consider the statement, “Monopoly power comes from market acceptance, not from a patent, a prettier product, a slick advertising campaign, or anything else. So rather than spend your time in court, you should be out there drumming up business.”
Please read instructions carefully. Speaker notes must also be included. Original work only please. Resource: Ch. 10, "Designing Forms and Reports" Design two forms for a new software application or business web app that will collect data from its us..
Suppose the market demand function (expressed in dollars) for a normal product is P = 480 – 4q and the marginal cost of producing it is MC = 2q, where P is the price of the product and q is the quantity demanded or supplied. How much would be supplie..
There is currently 20 identical firms in a perfectly competitive market. Each firm has a cost function of the form: SC(q)=10q^2+200q+7000. The market demand is P= -4QD+3000. Find the short run equilibrium price, market quantity, and firm quantity.
A firm’s demand function is as follows: Qx = 400 - 5Px + Py - 2Pz + 2I. Assume initial values of Px = 50, Py = 20, Pz = 20, I = 50. Determine the quantity of X that will be sold assuming the initial values. Develop the corresponding Total Revenue and..
Illustrate what conclusions can you draw about the similarities and differences between the EU and globalization.
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