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Greta starts an internet-based grocery delivery service. His employees must perform one of three activities:
Administrative work: Exactly 2 workers are necessary to perform the administrative work for the business to operate. The administrative workers do not generate revenue.
Delivery: Each employee working as a driver can deliver up to 20 orders daily.
Assembling orders: Each employee can prepare and pack up to 100 orders daily.
Suppose that each worker can work in exactly one capacity (so she cannot split her time between delivery or packing).
Greta's short-run production function says how many orders can be completed by L employees. Describe Greta's short-run production function. (Hint: how many orders can she complete when she has 3 employees? How many orders can she complete when she has 10 employees?) What are her returns to scale when she changes employment from 5 to 10 workers?
Most systems of medical insurance substantially lower the out-of-pocket costs consumers have to pay for additional units of physician services and hospitalization. Some reduce these costs to zero.
Illustrate what is your rate of return for each alternative for four stock prices one year from now. Summarize your results in a table that shows the rate of return on investment for all three alternatives.
A friend convinces you that he has a great idea for a business, and the two of you incorporate. You supply him with funds and let him make all the executive decisions. Under the agreement you hold 30% of the firms stock and your friend holds 70%
The table shows the maximum annual output combinations of wheat and aluminum that can be produced. Which of the following choices would represent a possible trade based upon specialization and comparative advantage.
Consumption accounts for about 60% of GDP, while investments accounts for about 20% for GDP. But many economists think that, to understand economic recession, it is more significant to look at investment than consumption. Why?
Now suppose the same game is played with the exception that Player A moves first and Player B moves second. Using the backward induction method discussed in the online class notes, what will be the outcome of the game
Discuss how absolute advantage and comparative advantage differ? Kyle can read 20 pages of the economics in an hour. He can also read 50 pages of history in an hour. He spends 5 hours pre day studying. Draw Kyle's production possibilities fron..
Suppose the economy is in the midst of a severe recession. Determine which of the following policies would be consistent with active fiscal policy?
What are the two effects of every price change Given two goods, "x" and "y", if the price of "x" increases (all else equal), what do each of the effects say will happen to the consumption of "x"? After the change, what can we say about the quantit..
Explain how does a business describe whether to increase or decrease the price of the product it sells in order to increase revenue
In late June the Fed lowered its federal funds rate target from 1.25 percent to 1 percent. However between mid June and early August the yield on longer term 10 year Treasury notes rose from 3.1% to over 4.3%.
the amount that they can enjoy in the future Why can't people enjoy more of both How does saving relate to investment and thus to economic growth What role do banks and other financial institutions play in aiding the growth process
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