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1. Analysis of Necessities: Why are anti-diabetes drugs likely to have inelastic demand? Define elasticity and provide graphical support to your explanation. Why elasticity is so important to forecast market trends?
2. Explain the different market structures using graphs and verbal explanations. Provide an example of each market. Why monopolies arise and wha governments can do in face of monopolies?
3. Markets and wellbeing: Why we want markets that make consumer and producer surplus bigger? Explain the concept of surplus and the relationship between price and consumer surplus. Please, build your argument trough an example (it can be fictitious).
4. What does it mean (in microeconomic terms) that basic research is a public good? Define a public good and an externality and relate that to the existence of patents in basic research.
5. Costs: Imagine that you run a bar in the Barcelona city centre and your number of clients falls dramatically because of mobility restrictions. Using your microeconomic concepts explain the decision to shut down in the short run and to leave the market in the long run.
The demand and supply functions for pizza in the local market are: QD = 20,000 - 833P and QS = 5,000 + 417P. Calculate consumer and producer surplus in this market. If the minimum wage is increased by $2 per hour, the new market supply curve becomes:..
You are given the sample mean and the population standard deviation. Use this information to construct the 90% and 95% confidence intervals for the population
1. Explain why real GDP might be an unreliable indicator of the standard of living - Answer not more than 250 words and add 2 academic references ( Harvard referncing style)
In criminology, Is there a correlation between economic crisis in America and the justice program spending by the government? Critical theorists state that when the economy turns downward, government funding for justice programs (prison construction)..
Can you think of some potential issues that might arise when allowing firms to circumvent quotas with foreign owned domestic plants?
Every 1 percent reduction in the level of particulates in the air costs $200,000. Low-income residents in a region have a demand for particular reduction of R=10-p (R is the level of particulate reduction and P is the price per 1 percent reduction). ..
1. Explain the concept of diminishing marginal utility and describe the role that it plays in the utilitarian argument for redistribution of income.
What makes Sweden's welfare system different from the U.S. system? What are "black jobs" in Sweden? Does the U.S. have them?
The manager of Big Oil Company in Mandeville tells investors that at the end of 2006 they had gasoline in inventory worth $378. In 2007, Big Oil produced gasoline worth $294 and sold gasoline worth $384. What was Big Oil's inventory in 2007?
Discuss the process of defining project scope in more detail as a project progresses, going from information in a project charter
Since Uber has entered the transportation market, taxi services have declined significantly. Using economic terms, explain why might that be the case
Explain how supply or demand be affected when the following things occur: Oranges- after a tornado Automobiles – after a major recall Spinach- after the FDA announces that spinach can prevent cancer Flu Vaccines – after technology was discovered to m..
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