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1. What would happen to the size of the cattle population if Americans decided to eat substantially less beef? Explain the logic underlying your answer.
2. Does private ownership entitle the owners to do anything they want with their property? Why or why not?
3. Do private owners have an incentive to conserve resources for the future?
4. Do businesses operating in a competitive market have an incentive to keep costs low and produce goods that consumers value highly relative to cost? Do they have an incentive to innovate and develop improved products? Explain.
Why do you think motorcycle makers did not adopt voluntary emissions standards? Should they have done so? Why or why not?
What is the principal-agent problem? When will the principal agent problem be most severe? Why might there be a principal-agent problem between the stockholder owners and the managers of a large corporation?
Graph Daniel’s budget constraint with potato chips on the vertical axis. Also write down the corresponding budget constraint equation. Then suppose that Daniel’s income increases to $60, what’s the change of Daniel’s budget line? Shortly after the in..
What is the average time that catalog customers must wait before their calls are transferred to the order clerk? What is the average number of callers waiting to place an order?
Suppose a country can produce a maximum of 20,000 jumbo airliners or 2,000 aircraft carriers. What is the opportunity cost of an aircraft carrier? If another country offers to trade six planes for one aircraft carrier, should the offer be accepted?
When other companies refused to follow the increase, American Airlines made an attempt to gain customers in the competitors' markets by applying aggressive discounts on the tariffs.
The short-run production function is specified as follows: Q=F(K,L) but in reality they should be specified as: Q=F(K,L). Discuss and reconcile the abore specification?
The demand equation for a company's product it Q = 500 - 3P + 2Pi + 0.1I where Q is the quantity demanded of its product, Pi is the price of its rival's product, and I is the per capita disposable income (in dollars). At present, p = $10, Pi = $20, a..
What is cross elasticity of demand? How can it be used to tell if goods are substitutes for each other or complementary to each other? What is the rationing function of prices? Should health care be subject to this type of rationing? Be sure to comme..
Your article shows money performing (or failing to perform) at least one of the following functions: (a) medium of exchange, (b) store of value, or (c) standard of value. Which one of those functions does it show? The event may have occurred in the p..
Elucidate how the relative composition of M1 changed since 1965. Do your best to explain why this change has occurred.
Evaluate the following statements using graphical analysis. Provide a brief narrative explanation of your graph to support your evaluation. Make sure the axes and curves in your graphs are properly labeled. “When demand for home heating oil increases..
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