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Give a hypothetical/real world example of the MR=MC principle (Profit maximizing point). Explain what elements in example represents decreasing marginal revenue/benefit and what element represents increasing marginal cost.
When GDP is high or increases does it indicate higher income If so when GDP per capita increases why do saving ratios decrease when savings is income induced ie a rise in income increases savings and a decrease in income decreases savings
particularly on the retail end where drug dealers sell the drug to consumers in the U.S. What would you predict would happen to the economic profits of the drug dealer? Suppose the family in South America form a cartel What is the result of the ca..
Suppose that Auburn begins a new living wage that paid all retail workers in the city $18 per hour, while the going wage in neighboring Roseville for retail workers was $8 per hour . If the odds of getting a job as a retail worker in Auburn are 40..
Joe enjoys fishing & goes out about 20 times per year. One day, Sara told him that fishing is too expensive of a hobby. She thinks he should stop going because she calculated that it costs about %28.75 for every fish he catches because he usually ..
Professional sports players are generally paid much more than farmers, factory workers, engineers, and teachers. The markets for the professional sports players, farmers, factory workers, engineers and teachers are generally competitive.
If inflation is expected to be 4% next year, rather than 2%, what will happen to nominal wages next year? Use your answers from parts 1 and 2 to explain how an increase in expected inflation will tend to affect the following year's actual rate of ..
Think a competitive industry consisting of one hundred identical firms each with the following cost schedule,
Suppose instead that the goverment wished to raise GDP to 7,100, but it was unwilling to run a surplus or deficit. Therefore the change in government purchases would have to be matched by and equal change in taxes. What change in government purcha..
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities. As a policy maker concerned with correcting the effects of gases and particulate..
You need to hire some new employees to staff your startup venture. You know that potential employees are distributed throughout the population as follows
Equipment initial cost $ 500,000 Equipment salvage value $ 25,000 Annual gross income $ 300,000 year 1 Income gradient years 2 - 5 $ 25,000 Annual gross income $ 400,000 years 6 - 20 Annual operating expenses $ 160,000 first 10 years
In a recent policy change, DeBeers has decided to: abandon its policy of profit maximization. purchase the entire output of other mines and withhold diamonds from the market to bolster diamond prices. promote "premium diamonds"
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