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You have made the decision to pursue higher education. Describe the economist's view of how a decision like that is made. Using marginal analysis, make sure you evaluate the "rationality" of the decision and explain why the following statement is irrational: "Higher education is priceless, so everyone should pursue a degree no matter the cost."
De Beers is a monopolist which supplies diamonds with constant marginal cost and constant average total cost. Draw the average cost, marginal cost, demand and marginal revenue curves. Show the price charged by De Beers without price discrimination.
Many firms might like to be monopolies because such firms earn economic profits in the long run. What might cause a monopoly? A firm is likely to be a monopoly if
Suppose, Worker 1 has a reservation price of 41 cents; worker 2’s reservation price is 42 cents; worker 3’s reservation price is 43 cents, and so on. There are 150 jobs in firms without air purification systems, and this number is fixed. Thus, the de..
Give examples of price discrimination. In each case explain why the monopolist chooses to follow this business strategy.
How do average variable cost, average fixed cost, and marginal cost vary as production levels for a firm are increased? Draw a curve for average fixed cost (AFC) as production increases, and explain why the curve continuously decreases.
What is the price elasticity of demand and how do you interpret an elasticity value?
Illustrate what is the gain in consumer's surplus for ABC fan that can get these sweaters at Target instead of at the ABC.
An average yearly rate of 10 to 11 percent in the late 1980s. Illustrate what effect did this decline have on.
A sales manager examined age data, education level, a personality factor that indicated level of introvertedness/extrovertedness, and level of sales attained by the company's 120-person salesforce. The technique used was regression analysis.
An economy has the following Cobb-Douglas production function: F(K,L) = K^1/6 (EL)^5/6. The depreciation rate is 1% and the saving rate is 48%. The economy is in a steady state, where the population decreases at a rate 1%, while real GDP per capita g..
Combining what we learned from the quantity theory with what we learned about the fisher effect, we expect to see that, when a nation's M2 growth rate increased by 5%:
What are your thoughts on tort reform, more specifically setting caps/limits (ceilings) on jury awards/verdicts in tort liability cases. Class action cases? Corporate liability cases? Is this a good idea? Who would lobby for these caps? Who DOES lobb..
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