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Public administration can't exist outside of its political context. Describe how politics affects the policy making process and the delivery of governmental services.
What happens to the student's budget line? Illustrate the change with new books on the vertical axis. Is the student worse off or better off after the price change. Explain.
Distinguish between explicit and implicit costs, giving examples of each. Differentiate between accounting profit, normal profit and economic profit.
The small town of Middling experiences a sudden doubling of the birth rate. After three years, the birth rate returns to normal.
Describe the difference between movement along the demand curve and a shift in demand. Provide an example to help the class understand the difference between the two.
Which market structure is best suited for the pharmaceutical industry (perfect competition, monopolistic competition, monopoly and oligopoly)
Assume the labor force decreases in size due to the large number of people reaching retirement age and subsequently entering retirement. At the same time real interest rates in the economy fall. What will happen in the economy?
Determine the trade volume necessary for PBI to reach a target return of $7,500 per month for a typical office. Determine and interpret the elasticity of cost with respect to output at the trade volume found in part A.
Name any good or service which has a noticeable recent price change. Using concepts of supply and/or demand, what are some possible explanations for this change in price?
What is the profit-maximizing price of carpets? What is the maximum amount of profit that the firm can earn selling carpets?
How does competition affect profits and prices? What causes some firms to enter an industry, and others to leave it?
The companies in the detergent market closely fit the mold of the monopolistic competitive firm. Research the company in this market and describe how it fits some of the characteristics of the monopolistic competitive firm.
When measuring costs, it is important to keep in mind of one of the Ten Principles of Economics: The cost of something is what you give up to get it.
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