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1. How might free markets help rueduce global poverty? How might it impede that goal? (Half a page)
2. An industry is expected to expand if firms int industry are earning positive normal profits, total revenues, economic profits, or accounting profits.
3. How does Monopoly Power apply to the drug industry? Please cite an example.
Explain (but don't demonstrate) how a union might cause an increase in employment in the unionized occupation. Also, explain (but don't demonstrate) how this might, in this case, affect wages in related non-unionized occupations.
Suppose you are the manager of a California winery. How would you expect the following events to affect the market equilibrium price (up or down) you receive for a bottle of wine? Please state the shift (leftward or rightward) of demand or supply. a...
Per capita income in County A is $45,000. Per capita income in County B is $38,000. Physician visits average 3.4 per year in County A and 3.2 per year in County B. What is the arc income elasticity of demand for visit?
We are interested in checking if larger cities have higher rates of influenza than we would expect just from them being larger (Does a 1% increase in population result in a more than 1% increase in Influenza). Compute the t-statistic and determine if..
The country of Elbonia recently consisted of 20 million people in its adult non-institutionalized population, 8 million people employed, and 2 million unemployed, for an unemployment rate (U-3) of 20% and a labor force participation rate of 50%. Did ..
When Satelite Glass switched from hourly wage to piece rate, what happened to the workers' productivity? What are the sources of this productivity change?
Bill gets utility from consuming food (F) and clothing (C) represented by the following utility function: U(F,C) = FC + F. The price of food is $1 per unit and the price of clothing is $2 per unit. Bill’s income is $22. Graph Bill’s budget constraint..
Suppose Frank is a monopolist in the garden gnome market and is producing his profit-maximizing level of output. Suppose further that at this level of production his average total cost is $150, his average variable cost is $130, and the price of one ..
For 5 years you have owned and operated a small company, ABC Desks, that designs and manufactures high-end custom wooden desks. The business is incorporated and pays state and federal taxes separate from your personal income. Develop an Income Statem..
Brenda and Lela are sisters. They both like to make ice cream and cake. Brenda makes one batch of ice cream in eight hours and bakes a cake in two hours. Lela makes one batch of ice cream in 10 hours and bakes a cake in 5 hours. Who has the absolute ..
In earlier topics, you explored the tenet of conscious leadership and the influence of self-awareness on your leadership style. You established that a clear understanding of your abilities, motivation, and goals provides a firm foundation for leading..
Why does the assumption of independence of risks matter in the examples of insurance.
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