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Gross Domestic Product (GDP) only measures the value of marketed goods and services for a country during a given period of time.
Is the GDP measure underestimating or overestimating national production and total income in the economy? Why?
What are the limitations of the GDP in measuring total output and national welfare? What products (services) are excluded from the GDP computation?
Which of the following statements goes against Porter's 5 forces model?
calculate the change in welfare compared to the free market outcome (i.e., in the absence of minimum wages). Is this a welfare gain or a loss?
According to the rule for optimal input usage, a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the company. In offering such training programs, is a company violating the optimality rule?
q1. p320-.04q with quantity q measured in thousands of barrels per day and price p measured in dollars per barrel. the
Suppose that hospitals use nurses (N), doctors (D) to perform surgeries (Q). The production function for surgeries is: Q = F(N;D), where F(N;D) is some function that increases in N and D. Assume that the marginal products of N and D are diminishing
Suppose that all the necessary conditions exist for the realization of equal wage rates in every market of labor.
Suppose Larry, More, and Curly are bidding in an auction for a mint-condition video of Charlie Chaplin's first movie. Each has in mind a maximum amount that he will bid.
Suppose demand and supply are given by Qd = 40 - P and Qs = 1.0P - 20. What are the equilibrium quantity and price in this market? Equilibrium quantity: Equilibrium price: $ b. Determine the quantity demanded, the quantity supplied, and the magnitude..
Consider the utility function u(x,y)=xy. Graph the indifference curves for utility levels 1 and 2. (They are symmetric hyperbolas asymptotic to both axes.)
Identify the point on the budget constraint this worker has chosen. Explain how much is he working per day.
You are organizing a rock concert to benefit Amnesty International. The concert is to be held in a football stadium that has a seating capacity of 56,000. There are two types of seating: reserved and general.
Explain fully how a tax or subsidy affects the market. Explain how higher taxes do not necessarily raise more revenue as demonstrated by the Laffer curve.
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