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How many of you are familiar with the term 'rent seeking'? This is when a company, organization or individual uses THEIR own resources to obtain an economic gain from others without reciprocating any benefits back to society through wealth creation. Knowing this, how does rent seeking relate to elasticity?
Imagine you have some workers and some handheld computers that you can use to take inventory at a warehouse. There are diminishing returns to taking inventory. If one worker uses one computer, he can inventory 150 items per hour. If you assign one wo..
In the most recent recession of 2008 and 2009, the United States saw a declining GDP, rising unemployment, and, sometimes, deflation. What type of fiscal and monetary policy is appropriate to fight the recession? Analyze these using the Phillips curv..
Using the six general trends of the general environment, give a hypothetical example of how each trend could affect a restaurant business.
In economy A, the LM curve is very steep, but not vertical (call this the “Friedman” economy) while in economy B, the LM curve is very flat (call this the “Keynesian” economy). The economies are identical in all other respects. (a) What is the econom..
The loss to society resulting from a tax includes the
This section examines correlation, estimating confidence, and margin of errors. Correlation is an important concept to understand, since often what is found in many areas of research is not cause, but a relationship that exists among variables.
We discussed how racial segregation concentrates economic, social, and cultural capital in white communities. This disparity creates dissimilar opportunity structures that distinguish racial groups according to potential life course trajectories.
What value of "C" make the deposit series equivalent to the withdrawal series at an interest rate of 9% compounded annually?
q.a competitive firm sells its product at a cost of 0.10 per unit. its total cost function istc 5 - 0.5q 0.001q2a
Describe the cost- benefit approach that a typical economist takes to analyze regulations. How are economic policies impacted by politics, and how can politics make a positive or a negative contribution to economic policy?
Alan accepted an invitation from his friend Donald to attend a baseball game. The seats Donald had purchased were very good, a few rows up from the field, and just past first base. Alan actually knew nothing about baseball. Advise what arguments Alan..
There are only two consumers, Bill and Ted, and two goods, apple and bananas. Bill and Ted like apples and oranges. Bill is always willing to substitute 1 apple for 3 bananas. So Bill's utility function is U(b) = 3A + B. Ted is always willing to subs..
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