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1. How do costs play into your everyday life? For example, why might it be cheaper to drive on a toll-road vs. a free-access interstate? Also, can you identify situations where you may fall victim to the sunk cost fallacy (we all do)?
2. When thinking about the theory of the firm, shirking, and principle-agent problems, we can find analogous situations in our personal lives. Make a Power Point presentation (for sharing with the class) two personal situations to illuminate this concept. For example, how does your mom get you to do chores? Or how do you control for shirking by those group members with lower GPAs, who have less to lose from poor individual performance?
3. Find a newspaper or magazine article that highlights a perfectly competitive situation. Write a 1-page paper on the economic performance of this market in terms of efficiency, costs, and profit.
Which were the main causes of the Great Depression and why did the Great Depression last so long?
how can an economy that is below its potential output level attain equilibrium at potential output and shift the aggregate demand schedule to the left?
Analyse the impact of an increase in the price of crops and a (proportionately smaller) decrease in the price of fuel on a low income person who spends most of her income on food (derived from crops).
During that summer, he charged $1.69 each gallon for unleaded gas during daytime & $2.59 each gallon at night,
Estimate the demand function
. In a sample of 300 houses, the sample average price was found to be $196,340. Assume the variance of house prices is 120,000,000. Let random variable X denote house price, and ? denote its unknown population mean, E(X) = ?. For each of the follo..
The "crowding-out effect" suggests that A. excessive population in the cities is pushing people into the suburbs.B. if consumption spending increases investment spending must decrease. C. tax increases are paid primarily out of saving and, therefore,..
Calculate consumer surplus in the case of entry deterrence and in the case of entry accommodation. Which situation leads to the largest consumer surplus?
Consider the preferred prices of the authors and publishers of the electronic book, whose marginal cost of production is close to zero? Would the two disagree regarding the price to be charged for book?
What effect should each of the following have on the demand for gasoline in a competitive market? State what happens to demand. Explain your reasoning in each case and relate it to a demand determinant. (a) an increase in the number of cars (b) ..
Represent this economy using the AD/AS model and explain the model and what problem will occur in the economy if no fiscal policy is pursued? What fiscal policy tools could be used to combat the problem? ECOM4000
How does the demand curve faced by a perfectly competitive firm differ from the market demand curve in a perfectly competitive market? Explain.
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