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what resources do you make use of in order to maximize your level of satisfaction? How do we determine what items to buy? How do companies decide what items to produce? How do firms determine whether to produce something or not and what resources to use in producing them?
BP did not own the deepwater horizon platform, but leased it from a company called Transocean. Would BP have paid more attention to safety if it owned,
Case study any global economic event or events currently or recently covered in the news media and write a critical essay applying the concept points
The coach wants to help Omar and has asked him to lead the prayer at the next game. Omar is nervous about whether he should say a Christian prayer or a Muslim prayer. He is also concerned about how to respond to the invitations to attend church.
What is an "oligopoly" and why do they exist? Mention three or four oligopolies whose products you own or regularly purchase.
Economists make decisions by thinking in terms of alternatives. Why do economists thinks there is no such thing as a free lunch?
Suppose that in 1984 the total output in a single-good economy was 10,000 buckets of chicken and the price of each bucket of chicken was $10. In 2005 the price per bucket of chicken was $20 and 25,000 buckets were produced.
Calculate her utility maximizing choice of food and clothing and calculate the level of utility her optimal consumption bundle gives to her.
Explain and show graphically how this market would be affected if there is an increase in the number of dairy farmers that produce hormone-free milk and at the same time south african consumers choose to be more healthy
Two major areas of health care reform involve universal access and containing costs. List the specific options discussed in your text that work toward these reforms.
Assume there is an imperfect capital market. Draw a graph to show the optimal years of schooling for an individual with high access to funds but of low ability and an individual with low access to funds but with ..
Optimal pricing strategy varies significantly across different market structures. The pricing guidelines in a monopoly market are relatively straightforward. Since the company is the only producer offering the product, it can mark-up the price as ..
Draw a graph of the market for chewing gum. What are the equilibrium price and quantity? Mark the equilibrium price and quantity in the graph.
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