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Which of the following statements is false? In the short-short run a firm:
(A) Incurs only fixed costs
(B) Its average costs are its average fixed costs
(C) Its marginal costs are also fixed
(D) Its total costs are its total fixed costs.
Suppose an economy with constant population where the individuals want to keep 5000 goods in their bank deposits in each period. The economy has an endowment of 10, 000 goods per period. There is a total stock of capital not intermediated of 1000 goo..
When a government or corporation sells bonds to raise money, it can do so in one of two ways. It can target a certain amount to raise or it can target a certain amount to pay back at the end of the bond (this is simplified for the purpose of the prob..
Suppose your employer offered you $4,000 in cash instead of health insurance coverage. Health insurance is excluded from state and federal income taxes (let's ignore Social Security and Medicare wage taxes for now). The cash would be subject to state..
Apple put on the first smartphone, making them the Stackelberg leader. Samsung, HTC and Sony release their smartphones some time later. Consider the market competition game between these three companies. Characterize the output level for each firm an..
The demand for a good X in a town is Q = 10 − P , where P is the price of good X per pound and Q is the quantity demanded in pounds. The marginal cost of producing the good is $2 per pound. There is no fixed cost of producing the good. What are the p..
Mars and Hershey's dominate the domestic chocolate candy bar business. In this mature market; advertising by individual firms does little to convince more people to eat candy. Effective advertising simply steals sales from rivals. Briefly describe th..
Assume you have 4000 in a savings account at the beginning of the year price level is 100 the account pays 7% interest annually. if the price level is equal to 115 at the end of the year, the real value of your saving is?
A firm sells its output in two markets, domestic D and foreign F. The domestic demand is QD = 100 - 5 P, while the foreign demand for the firm's product satisfies P = 20 - 2 QF. Given this information, the total demand Q (where Q = QD + QF ) that thi..
Identify the nature of the “pitfall” to sound economic reasoning represented by the following circumstances: You are attending a concert and recognize that you will have a better view of proceedings if you stand—hence if everybody stood…everybody wou..
The starting salary for a new assistant professor was $35,000 in 2000 and $65,000 in 2015. The value of CPI for 2015 was 164.3 compared to 55.6 in 2000. In which year did a newly hired professor earn more in real the real terms? Show your calculation..
In this problem, we consider replacing an existing water heater with an array of solar panels. The net installment cost of the panels is $1260($2100 less a 40% tax credit from the government) Based on an energy audit the existing water uses 190 kilow..
In the book, American Nations by Woodard, The union of States was quite fragile in the late 18th century and early 19th century with strong regional rivalries and cultural differences between Yankeedom and neighbors to the South, especially Tidewater..
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