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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?
The NCAA prohibits schools that are caught paying athletes from participating in bowl games, and sometimes the punishment is even more severe. Explain why schools don't break away from the NCAA and form a league in which athletes can legitimately ..
The first acre can produce 1000 bushels of wheat, the second acre 900, the third 800, and so on. How much revenue will each acre generate? what are the TR and MR for each acre?
What forecast would you make for the merged firms' profits and what explanation might there be for such a strategy? After the merger, what prediction would you make about advertising rates?
When Burton Denson graduated with honors from the American Trucking Academy, his father gave him a $350,000 tractor-trailer rig. Recently, Burton was boasting to some fellow truckers that his revenues were typically $25,000 per month
How much insurance should I buy to be fully insured and what is a fair insurance premium?
Suppose equilibrium GDP is less than full-employment output and the economy is in a recession. What are the appropriate fiscal policies that would take the economy to full employment level?
Discuss why is it difficult to estimate who is and who is not in the labor force? What consequence does this have, if any, for the labor market indicator?
Would warehouse operators insist on owning their own trucking companies What coordination and control problems and contractual hazards would these companies encounter What organizational form would warehouse operators and truck hauling companies a..
Proponents of government spending claim that it provides public goods that markets generally do not, such as military defense, enforcement of contracts, and police services. Standard economic theory holds that individuals have little incentive to ..
Keeping the Law of Diminishing Returns in mind, comment on the quality of teaching and learning that occur when a resident successively works her 60th, 70th, 80th and 90th hours in a week.
Grow Fertilizers Company purchases a gravity settling tank of the $30,000 purchase price. The company finances 30% of the investment with a loan to be repaid with eight equal semiannual payments at an annual interest rate of 12% compounded semian..
In the early 1980's just as serious health effects were being noted regarding sugar consumption, Kellogg's changed the name of Sugar Pops to Corn Pops (the sugar content didn't change) and the name of Sugar Flakes to Frosted Flakes (still sugar co..
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