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1. Many of the things discussed in these first chapters implied rational behavior by consumers; in fact economics analysis depends on it. Does this application suggest that consumers do not always act rationally? If not, how do we make economic judgments?
2. Discuss a firm's objective relative to its economic cost. Describe each of the firm's economic cost, and whether these would be considered explicit or implicit. What is the difference between an economic profit and an accounting profit, give an example?
3. Discuss the difference between diseconomies of scale and diminishing returns. Based on the cost curves you have seen in this chapter, which is more likely in businesses?
How much more money does Debbie withdraw than Christy (Express your answer in dollars and cents to the nearest cent and do not include the dollar sign or any other characters or spaces except numbers, a decimal point or a negative sign in front if..
Describe the difference between short run and long run as they are used in economics. Differentiate between Economics of scale and Diseconomies of scale.
Depict an isoquant map depicting a typical firm's use of two inputs - white and black labor. Label its slope. What would be the effect of an increase the price of black labor from $12 to $13 and a decrease in the price of white labor from $13 to $12..
a critical analysis of the microeconomic and macroeconomic environment and challenges that the company faces. Include the company background, industry, and industry structure. What is the industry Financial Computer What is the industry structu..
A. In 1996, many cows in Great Britain came down with "mad cow disease". As a result, the nations of European union banned the import of British beef.
Find the quantity of toothpaste that maximizes economic surplus. What is the relationship between this quantity and the market equilibrium quantity?
Derive the average cost of producing 100,000, 200,000, 300,000, and 400,000 devices per year with plant A. (For outputs exceeding the capacity of a single plant, assume that more than one plant of this type is built.)
Explain the basic ideas behind (i) employer, (ii) employee and (iii) customer discrimination. Give one example of each type of discrimination. Explain in more detail how employer and employee discrimination is likely to affect wage differentials.
Suppose that competition among several market makers forces the spread down to $2. How many goods are traded?
Why do you suppose that the market clearing interest rates on bank savings and time deposits have been rising relative to the market clearing interest rates on bank loans?
Assume that you are leaving a message in a time capsule to be opened 100 years from now. Formulate a message you leave regarding the economic times of your lifetime and what could have been done to make our economy better.
Fairfield began a living wage that paid all landscapers in the city a wage above the current market wage. Vacaville, a neighboring city, did not begin a living wage. Below are employment date for the year before and the year after the living wage ..
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