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Write a two page essay describing an experienced entrepreneur that you know. This person could be a friend, a family friend or a relative. If you don’t know an entrepreneur, do some networking through friends and family to find one.
Explain which entrepreneurial characteristics this person possesses, their background, and their entrepreneurial business(es).
Why did they choose to start a business? Have they started more than one?
What, if any, setbacks did they encounter along the way? How did they overcome them (if they did).
What do you admire about them?
The equation for a demand curve has been estimated to be Q=100 - 10P + 0.5Y. what is income elasticity? what is price elasticity?
In a system of money which is based on Fiat Money. Who or what backs up the money? In other words, who do we trust with our money? What is the Number #1 enemy of your money?
Assume that, in a competitive market, long run supply and demand is more elastic than short run supply and demand. Suppose that the government imposes a transactions tax in this market. In the long run, the tax will collect [less/more] revenue and ca..
What do you believe is the proper balance between the free market and government regulation of industry? And why?
A price-taking firm selling in a market with a price greater than the firm’s average total cost should:
Consider a box with width W, length L, and height H. Suppose you have to construct a box with the following constraint: W+L+H equal or less than 30. Suppose W has to be 12. What is maximizing volume of box? What should L and H be?
Cartels with a small number of industries have a greater probability of reaching the monopoly outcome than do cartels with a larger number of industries.
An increase in the price of product X causes a decrease in the quantity demanded for product X. One basic explanation for this is:
In Ability, Gender, and Performance Standards: Evidence from Academic Probation, Jason M. Lindo, Nicholas J. Sanders, and Philip Oreopoulos find evidence using regression discontinuity methods that being placed on academic probation increases the pro..
What variable adjusts to make the quantity of money held equal to money supplied?
The firm requires at least 10 units of input A or 2 units of input B in order to produce 1 unit of output Y. Describe this technology by mathematical function. Draw the production isoquant that corresponds to 40 units of output Y.
What is the maximum amount of good Y that can be purchased if X and Y are the only two goods available, and individual income is $600, Px=15 Py=10, and they are already purchase 30 units of good X?
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