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Consider a Malthusian economy. For each of the following scenarios, use the diagrams to illustrate what happens to a country's population size and living standards, ceteris paribus. Clearly explain what happens to the equilibrium and describe the transition to the new equilibrium if any.
Marrying late slows down population growth.
An earthquake kills half of the population and destroys half the land.
In an industry with a dominant firm, the demand curve facing the dominant firm is identical to market demand.
A specific McDonald’s franchise owner is looking at elasticities of Big Macs. E(p)= 2 (Price), E(i)=1 (Income), E(mt)=1.5 (m=Big Mac, t= Taco). The franchise owner would like to increase the price of Big Macs by 6%. If the owner wants to keep units s..
What happens to the demand for beer if consumer income rises by 5%? Be specific. Is beer a normal or inferior good? Explain.
Is the output produced sufficient to cover the factors of production when production is under: i) constant returns to scale (CRTS), ii) increasing returns to scale (IRTS) and iii) decreasing returns to scale (DRTS)?
Derive an expression for average cost. Derive an expression for marginal costs. Is there any range of production characterized by scale of economies? At what production level are scale economies exhausted?
In the highly competitive TV manufacturing industry, a new innovation makes it possible to cut the average cost of a 50-inch plasma screen from $1,000 to $400.
Identify which countries have benefited the most from international trade over the last few decades. What policies do these countries have in common? Do their experiences lend support to the infant industry argument or argue against it?
In addition to reviewing all the course materials, you should view the movie Inside Job, which is a look at corporate accountability regarding the ongoing international financial crisis. Incorporating facts and ideas presented in the course, includin..
A project has an initial cost of $6,500. The cash inflows are $900, $2,220, $3,300, and $4,400 over the next four years, respectively. What is the payback period? If the required payback period is 3, should the project be accepted using this cr..
And why is the change in one of these two variables is indeterminate?
What are the benefits of breaking up the big power companies like Facebook, Amazon, Google, etc? What are ways to increase competition without breaking up Amazo
What are 5 advantages/benefits of implementing an e-commerce website for a business?
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