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Assume that you are the head coach of the Kansas City Chiefs and that the Chiefs are league-average at all facets of the game. It is in the first quarter and the score of the game is 0-0. Your team has the ball at your own opponent's 46 yard line and it is 4th down and 3 yards to go. What will you decide to do? Your choices are to punt, go for it or attempt a field goal. Why did you make that decision? There are lots of considerations involving things in the game and outside the game. Your answer will be graded on its thoroughness and completeness.
What populations have performed the bulk of the agricultural labor in the U.S. since the beginning of the 19th century? Do you think getting paid for "piece work" (e.g., paid per unit picked) rather than an hourly wage is a fair and equitable system ..
A market is characterized by a demand curve that can be expressed as P = 96 – (1/3) Q. Each of the two identical firms currently serving the market has a total cost function of the form C = 12 q. There are no fixed costs. If the 2 duopolists behave a..
Specify and explain the typical shapes of marginal-benefit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal ben..
If the tax elasticity of supply is 0.35, by how much will the quantity supplied decrease when the marginal tax rate increases from 34 to 38 percent?
How would I compare also contrast McDonald's strategies in China with those of Wal-Mart in Mexico.
The payoff to a company that enters is its gross profit minus its entry cost, while the payoff to a company that does not enter is 60. Find a symmetric Nash equilibrium in mixed strategies.
Calculate the dominant firm’s residual demand, and marginal revenue of its residual demand. Plot them on the graph. Calculate the equilibrium quantity and price set by the dominant firm. Also calculate the equilibrium quantity supplied by each compet..
Describe the effects of the sugar quota. In 2005, imports were limited to 5.3 billion pounds, which pushed the domestic price to 27 cents per pound. Suppose imports were expanded to 10 billion pounds. What would be the new U.S. domestic price? How mu..
Compare operations of foreign exchange markets to domestic markets. Explain how foreign exchange rates, economic conditions, and the international business environment affect prices charged in foreign markets.
Classical economists of the 1930's did not believe that: Suppose the economy is initially in a recessionary gap and consumer and business expectations become less optimistic due to the War on Terrorism. In the long run, assuming that there is no poli..
Using the Circular Flow, we have explained why the current account and the financial account balances should sum to zero. For the US, we have seen that the current account balance is usually negative while the financial account balance is positive. P..
Consider the following data on flows of exports and imports among three nations, and suppose that the “world” is composed solely of these countries: Calculate the following as a share of total world trade. Express your answers as percentages and roun..
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