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Assignment: 1. Define scarcity. What signifies to managers that a resource used in production is becoming scarce? What impact does this have on management decisions?
2. Define economic profit. Explain how economic profit is different than accounting profit. Why is it important for economists to measure economic profit rather than just sticking to the accounting profit used in accounting and finance?
3. Define opportunity cost. Give an example of a personal decision you made within the past year. What explicit costs were involved? What opportunity costs were involved? Explain how youarrived at your decision. Include the role of opportunity costs in your explanation and describecriteria you used to evaluate your options.
4. When analyzing decisions that are made within a firm, economists typically assume that "profit maximization" is the firm's main goal. However, a number of other goals are also possible. Choose one of the "other" possible goals and compare it to "profit maximization." Under what circumstances might the "other" goal that you described become a major focus for the firm? If you were the CEO of a large firm, what steps might you take to ensure that departments within the firm are working together toward common goals?
5. Under what circumstances would a firm benefit from outsourcing a portion of its business operations? What are the major costs and benefits that would need to be considered when deciding to outsource? (Identify at least two costs and two benefits.)
The costs are evenly distributed within each year, and the interest rate is 10%. What is the present worth of the construction costs
What's the difference between the law of diminishing marginal returns and the law of diminishing marginal rate of technical substitution?
The most obvious benefit of specialization and trade is that they allow us to work more hours per week than we otherwise would be able to work or else.
What are the basic research design issues? Describe them in some detail.
The prisoners' dilemma game offers insights into the incentives to cheat of agents who will not be placed in the same situation again, such as two criminals.
What are the main functions of money in an economy? Name one narrow measure of money. What do broad measures of money include?
Explain modern-sector enrichment and its effect on inequality. Explain the traditional sector enrichment and its effect on inequality.
some states are required to balance their budgets. is this measure stabilizing or destabilizing? suppose all states
Show your steps. B. After the equilibrium is reached, suppose 100,000 new jobs are created, causing 200,000 new migrants to enter the city. Does the equilibrium rate change? What is the new rate of urban unemployment right after the new migrants h..
open the microsoft excel workbook interactive model economics.xls.on the first tab you will see a figure similar to
In the small closed economy of Banana Republic, the currency is the dollar. Statistics for last year show that private saving was 60 billion dollars.
what determinants affect supply and what affect demand. Once you have drawn in your change, write a short explanation for each question discussing what would be the new equilibrium price and quantity levels because of this change.
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