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1. How do costs play into your everyday life? For example, why might it be cheaper to drive on a toll-road vs. a free-access interstate? Also, can you identify situations where you may fall victim to the sunk cost fallacy (we all do)?
2. When thinking about the theory of the firm, shirking, and principle-agent problems, we can find analogous situations in our personal lives. Make a Power Point presentation (for sharing with the class) two personal situations to illuminate this concept. For example, how does your mom get you to do chores? Or how do you control for shirking by those group members with lower GPAs, who have less to lose from poor individual performance?
3. Find a newspaper or magazine article that highlights a perfectly competitive situation. Write a 1-page paper on the economic performance of this market in terms of efficiency, costs, and profit.
What level of output should be produced to maximize profits?
What is the equation for the Marginal Social Cost curve? Use this to figureout what the socially optimal amount of widgets is. Is the socially optimal thesame amount as you found in part (a)?
What three factors determine whether two economics with separate fiscal and monetary authorities should form a currency union Give illustration of each factor using NAFTA economies.
The total relevant cost of holding inventory in a plant for purchased materials is given, TRC = (6000/Q)(60) PLUS 0.30(12)(Q/2) PLUS 6000(12) WHERE Q IS THE ECONOMIC ORDER QUANTITY.
A firm uses capital and labor to produce output according to the production function q= 4*(Sq Root of KL)
Examine the extent of internal rivalry, entry, substitutes, buyer power, and supplier power within your industry, indicating whether each of these forces represents a high, medium, or low threat to profits.
a) What is the socially efficient level of security?
What effect is the new diet likely to have on the number of apple orchards within 100 miles of New York City?
What is the maximum amount of harvest that can be sustainably achieved in this system? What level of biomass generates this amount of harvest?
A project will cost $50,000. The benefits at the end of the first year are estimated to be $10,000, increasing at a 10% uniform rate in subsequent years. Using an 8-year analysis period at a 10% interest rate. Compute the benefit-cost ratio.
Which of the following is (are) most likely to be produced under conditions resembling perfect competition - automobiles, beer, corn, diamonds, and eggs. Defend your answer in economic terms.
provide a cost-benefit analysis for a company which has to decide whether to hire more staff or hire temporary workers
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