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You have one semester left to graduate and you have the finances to do a maximum of four courses. Three of the courses are required courses. The last course slot belongs to an elective. You have narrowed down your choices to three electives, all of which are very popular and very useful courses that you are very interested in. Decide on the course you want to take. Then using at least two economic decision-making principles, explain why you are making this choice.
Develop a response that includes examples and evidence to support your ideas, and which clearly communicates the required message to your audience. Organize your response in a clear and logical manner as appropriate for the genre of writing. Use well-structured sentences, audience-appropriate language, and correct conventions of standard American English.
The members want to set up a perpetual fund to provide $100,000 for future replantings of the gardens every 10 years. If interest is 5%,
Calculate the consumer surplus, the producer surplus, and the total welfare for the competitive equilibrium determined in part (a) of this question.
Describe the characteristics of optimal contracts in principal-agent problems when the agent (manager) is risk neutral.
What should be the marginal cost of a monopoly firm selling textbooks to students in a small town and is currently maximizing profit by charging a price of $48 a book and the elasticity of demand is -3/2? explain
Describe in one short paragraph what the Leontief input-output model in Economics is about. State the meaning of the variables. The solution involves an inverse. State this inverse.
Cars are lasting longer. The expected number of miles traveled over a vehicle's life has risen to 180,000 miles in 2001 from 128,000 in 1977. However, new car buyers tend to keep their cars about the same length of time before trading them in. Using ..
What takes place to a firm in monopolistic competition when it increases its price? How is this different from a firm engaged in perfect competition?
An engineering company just purchased new CAD software for $8000 now and annual payments of $500 per year for 6 years starting 2 years from now for annual upgrades. What is the present worth of the payments if the interest rate is 6% per year?
Response Feedback: Here, the market price is uncertain/unknown. Find the expected price. After that, this is a simple profit-maximization problem.
A drought in Alberta and Saskatchewan has made grain, and therefore cattle feed, quite expensive. Many ranchers cannot afford to feed their cattle, and have sold much of their herd for slaughter. As it happens, the slaughter of beef cattle has coinci..
Assume that the market for sriracha sauce can be represented by the following supply and demand equations:
One difference between price discrimination and revenue management is that in revenue management, (marginal) costs are not considered.
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