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Questions:
1. Describe how the law of supply and demand works. Use at least one example in your answer.
2. Define optimal efficiency. How is optimal efficiency achieved in production?
3. Give one example of a fungible good and one example of a non-fungible good. What is the difference between these two types of goods, and why is it important?
4. Define bargaining power. Explain the differences in bargaining power that employers have with union workers versus non-union workers.
5. Explain why the housing market follows an up-and-down cycle.
6. Why does relative scarcity determine the level of prices in a free-market system?
Look over Maslow's Hierarchy of Needs and try to determine where you are right now on the hierarchy. What needs of yours are not being met? How could a company go about meeting those needs and thus motivate you to work more effectively?
What was Benjamin Graham really saying? Why might you be turned down for a nonpaying internship?
Eric wants to buy September soybean futures because he believes that soybean prices are going to rise. He enters an order to buy one contract at $8.7725/bushel. The brokerage firm is going to charge Eric $35 commission to trade the contract. Assume i..
The affordable care act made important changes to the law of government programs and to the law of fraud and abuse. Please explain what changes were made and what programs this involved specifically.
What was the return on an investment in the shares before considering commissions on the purchase? Round your answer to two decimal places.
What is the minimum price at which the firm would be willing to supply a positive amount of output in the short run? Label this on your graph.
The price elasticity for rice is estimated to be -0.4 and the income elasticity is 0.8 . At the price of $0.40 per pound and a per capita income of $20,000, the demand for rice is 50 million tons per year. a. is rice an inferior good, a necessity, or..
1. Given a choice of holding a managerial position in a big company or being an owner of a small business, which will you choose? Why?
Consider a market with inverse demand P(Q) = ab-Q. Assume there are two firms each with cost function C(q) = cq^2 . Find the Cournot equilibrium output per firm, and the Cournot price. Compute the equilibrium profit per firm. Calculate the Cournot so..
The problem of double coincidence of wants is associated with:
Despite the frequency and cost of data security breaches, why do you think some companies do not consider securing customer data as high a priority as other risks to their data systems operations?
When demand is elastic, the____________effect dominates the_________effect. When demand is inelastic, the___________effect dominates the_____________effect. When a change in price causes a change in quantity demanded, total revenue always moves in th..
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