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What do we refer to the extra output or change in the total product caused by the addition of the one more unit of variable input?
George and Ellen operate a business and make a profit. Is this good or bad? Would it have been better if they had made a loss? Explain. How do people earn income? If you purse a career and become incredibly rich, have you done so at the expense of ot..
Explain the Law of Demand. What are their assumptions? What are demand curve shifters and what causes them to shift? What is market equilibrium? What might keep the market from moving all the way to that equilibrium point? “Price control can be more ..
Discussion question: Most airline economists believe that airline labor, especially pilots, have traditionally been overpaid relative to comparable positions in other industries. How and why have airlines reduced labor’s compensation and how have lab..
Illustrate what is the Business Cycle. Be able to describe all of its parts such as peak, trough, long-term trend, etc.
Which of the following must be true in an economy with a government but with no foreign trade?
ADVANCED ANALYSIS Assume that demand for a commodity is represented by the equation P = 90 - 2Qd and Supply is represented by the equation P = -5 + 3Qs where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price.
Assume that the market for Coca-cola in your area is perfectly competitive, with Demand P= 11-0.1Qd and supply P= 1+ 0.1Qs. Each firm that sells Coca-cola is indentical, with Total Cost TC= 1+0.5Q+2Q? Which gives Marginal Cost MC= 0.5+4Q. Currently t..
When a firm has the opportunity to add a project that will utilize excess factory capacity (that is currently not being used), which costs should be used to help determine if the added project should be undertaken?
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
Senior citizens and students have a relatively less elastic demand compared to other potential moviegoers. The government requires lower prices for senior citizens and students. Senior citizens and students have a relatively more elastic ..
What are some of the inherent problems involved in discussing the notion that there is a single standard for the “American family?”
q.briefly explain the current 2012 discretionary fiscal policies that are being used by the federal government to try
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