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Do you think lotteries have both micro and macro economic effects or only micro?
How do lotteries change what and for whom goods and services are produced?
Pick a real-life rm that bundles products in some way. Describe how this pricing function is a form of price discrimination; in other words, why do some consumers effectively "pay more" for a particular product than other consumers do? Why is it a..
Economists often view life cycle variation in income as one form of transitory variation in income around people's lifetime or permanent, income.
If Joe's income is $5,040 a month, and the price of goods X1 and X2 are $45 and $5 respectively, derive the following: A) The quantity of X1 and X2 that maximize Joe's utility B) The maximum level of utility Joe receives.
Explain the difference between fixed production technology and variable technology. Should the government set a goal of reducing the marginal social cost of pollution to zero in industries with fixed-production technology.
Julie consumes food (F) and clothing (C) with a utility function of U(F,C) = FC. PF= 1 and PC=2. Julie has a total of $12 to spend on food and clothing. For all graphs, put food on the x-axis and clothing on the y-axis. a) What is Julie's margi..
Calculate the cross-price elasticity for the following goods. Are they complements or substitutes?
Discuss why the number of children that a family has may differ between an Industrial Society and a Third World Agrarian Society.
Suppose an economy characterized by the following equations; Assume W=10,000. Draw the aggerate expenditure function on a scale diagram along the 45 degree line.
Calculate the providers equilibrium wage and how many nursing units it will hire. The provider is a monopsonist,
Consider the market for tuna, which is a perfectly competitive market. The long-run equilibrium price is $3 per can of tuna, and the long-run equilibrium quantity is 600 million cans per yr. Suppose the Surgeon General issues a report saying that ..
Kate Austen must generate a sales predice to convince the loan officer at a local bank of the viability of Marina Del Rey, a trendy west coast restaurant.
For the product shown, assume that the minimum point of each firm's average variable cost curve is at $2. Construct a demand and supply diagram for the product and indicate the equilibrium price and quantity.
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