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How are prices determined under perfect competition? Think about a firm that you have done business with recently. What industry does this firm belong to? For example, McDonald's is a firm in the fast food industry. What market structure would this industry fall under? What are the names of other firms in this industry? Is it monopolistic competition, oligopoly, monopoly, or perfect competition? How does market structure affect the firm's ability to set the price for its products?
Consider a country that produces shirts and autos. Shirts are produced with sewing machines (specific factor) and labor while autos are produced using robots (specific factor) and labor. Show how going to international trade affects the budget constr..
A local restaurant initially estimated a large demand for dining in a space near a floor-to-ceiling fish tank. The cost of the tank is $8 million. (Assume that such a tank has no resale value.) The owner moved ahead with the project and the tank is t..
q.the us government could not pass its annual budget. as a result the us government has partially shut-down roughly
A 911 emergency response service needs operators who are bilingual in English and Spanish. A few applicants of Spanish origin are rejected due to poor English-speaking skills. They file a complaint on the grounds of discrimination based on nationalit..
For each of the following pairs of items, say if they are perfect substitutes, imperfect substitutes, or perfect complements and draw an indifference curve map.
Sharp rises in the cost of milk, grain, and fresh fruits and vegetables are hitting cafeterias across the country, forcing cash-strapped schools to raise prices or serve more economical dishes. How many servings of grapes can the school afford each d..
According to comparative advantage, in which industries would you recommend the country to specialize. Has the country specialized in your suggested industries.
When the average product is decreasing, then marginal product
Describe the similarities between the health-care sector and it's problems and the higher education sector and it's problems. Why do these two sectors in our economy have similar problems?
Which of the following must be true in an economy with a government but with no foreign trade?
From California to New York, legislative bodies across the United States are considering eliminating or reducing the surcharges that banks impose on noncustomers, who make $14 million in withdrawals from other banks’ ATM machines. Estimates suggest t..
The financial plan
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