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1. Explain the importance of collaboration and information sharing for businesses.
2. Explain what a 'smart' product is and use an example.
3. How do smart products increase rivalry among firms?
Let’s assume that you own a fast food restaurant and you are faced with many customers each day eating in the restaurant without any tables. Describe the difference between the short run and long run in the example to bringing about more tables for t..
Each possible investment is perceived to have no risk of default. You plan to maintain this investment for a one-year period. The return of each investment over a one-year horizon will be about the same if interest rates do not change over the next y..
Examines the choices made by individual participants in an economy, while macroeconomics considers the economy's overall performance
A man is buying a small garden tractor. There will be no maintenance cost during the first 2 years because the tractor is sold with 2 years free repairs. The third year the maintenance is estimated at 80. Subsequent years will increase by $40 per yea..
What distinguishes pure competition in the long run from pure competition in the short run?
Select one market segment, and describe in one or two paragraphs what features the cell phone might have in order to be attractive to this segment.
Which of the following are not included in GDP but probably should be?
Why are costs important in economics? Why don’t economists use the same cost data as accountants use? What is the real cost of putting an unemployed laborer to work raking leaves or digging holes and refilling them during a severe recession? Explain.
The economy has seen the unemployment rate increase from 6 percent to 9.5 percent, the inflation rate decrease from 2.8 percent to 1.2 percent, and there has been a 24 percent decline in consumer spending and a 45 percent decline in investment spendi..
What is the new equilibrium price and quantity and how big is the deadweight loss?
Explain how an economy with a shortterm equilibrium below the longterm equilibrium will adjust to bring the two into alignment. Explain how an economy with a shortterm equilibrium above the longterm equilibrium will adjust to bring the two into a..
From 1983 to 1987, a period of rapid economic growth in the U.S., total savings by contributors to IRAs increased by approximately the amount of their IRA contributions. Does this show that virtually all of their IRA savings were new savings money th..
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