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Explain carefully: "If all workers and jobs were identical, there would be just one wage rate, assuming perfect information and costless mobility." As part of your answer, use the graphs to illustrate what would happen if wages were initially unequal. Be sure to explain the role of the assumptions regarding information and mobility. What happens if they are violated?
Consider a perfectly competitive market for catfish. Fishers who catch catfish clean and package them before offering them for sale. The graph below shows the cost curves of a typical firm in the market.
Illustrate what are the pros and cons of using expansionary and contractionary fiscal policy tools under the following scenarios: depression, recession, and robust economic growth.
How does theory hypothesize that a current account trade deficit will be resolved.
Price Elasticity of Demand and Price Elasticity of Supply at the equilibrium point.
Assume the average value of P is $ 3 and the average value of Po is $ 6. Illustrate what is the price elasticity at the average values of P and Po.
Elucidate the cutthroat competitor's reasons for not raising or lowering his price, thereby accounting for the kink in his demand curve.
Elucidate the relationship among scarcity, choice and opportunity cost in the context of managerial economics.
Evalute the shape of the indifference curves of the following utility functions and find MRS for each function.
Illustrate what inconsistent other than price appear to have the biggest impact on the demand products. How much influence does the company have over these inconsistent.
Compute the opportunity costs for producing a single Twinkie and a single cupcake for Jasper and for Jasmine. Does either have an absolute advantage in the production of Twinkies.
China has continued to lag well behind the rest of the world in information technologies
John Adams wrote his wife that his office is the "most insignificant office that was the invention of man."
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