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Production and Utility
a. Graph a production function and a utility indifference curve in a micro example.
b. Graph a production function and a utility indifference curve in a macro example.
c. Describe how relative or real prices are found as slopes of these functions.
Compare the feasibility and efficiency of producing public goods by tax dollars versus producing them jointly with private funds. Support your argument with specific examples.
How should health insurance policies in Hahnemann County be rated?
Joseph, who owns the only pizza parlor in Middletown, learns that Giovanni is about to open a competing pizza parlor in the same small town, just a few blocks from Joseph's restaurant. Joseph offers Giovanni $10,000 in return for Giovanni's promise n..
Provide an example of each of the four different ways industry is organized (the different degrees of market power) and explain why you believe them to be good examples.
If skilled machinists with advanced computer training and computer operated lathes are complements in production in high tech manufacturing but computer operated lathes are substitutes in production for machinists without computer training (unskilled..
Review the First Amendment to the Constitution, located in this week's Learning Resources.
A specially built computer system has just been purchased by Progress Greenhouse Products to monitor moisture level and to control drip irrigation in hydroponics beds that grow cluster tradiro tomatoes. Determine the capitalized cost (i.e. forever) a..
Which alternative should be selected? Use a challenger-defender rate of return analysis.
Suppose that the current yield for a 20-year Treasury bond falls below the current one-year bond yield. Which of the following is true regarding the segmented markets theory of the term structure of interest rates in this case?
a. How much are Burton Cumming's explicit cost per month? How much are his implicit cost per month? b. What is the dollar amount of the opportunity cost of the resources used by Burton Cumming each month?
Blue Jet Airlines has an evening flight from Kansas City to Chicago with an average of 80 passengers and a return flight the next afternoon with an average of 50 passengers. The fixed costs for the plane are $3,000 per day whether it flies or not. (a..
Consider a two-period economy with a single commodity (say leisure): X_1 is the consumption of leisure in period 1, and X_2 is the consumption of leisure in period 2. When Peter evaluates consumption streams, he cares only about the best time in his ..
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