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Apply the concepts of elasticity and utility maximization to going to college.
Say you owe money to Big River Bank. Will you gain or lose from an unanticipated decrease in inflation? How could inflation make people turn to exchange by barter? What impact will free trade have on economic growth?
In a world of job-finding and search, unemployment benefits should effect the wage accepted, but not the length of time spent searching for a job. The number of monthly separations between workers and firms is about 200,000, equal to a decent month’s..
Suppose there are two consumers, A and B, and two goods, X and Y. Consumer A is given an initial endowment of 3 units of good X and 8 units of good Y. Consumer B is given an initial endowment of 3 units of good X and 4 units of good Y. Suppose the..
A packing company uses two inputs: labor and glue. Suppose the work costs $ 10 / hour (salary) and the glue costs $ 5 / gallon and that the company has a budget of $ 100,000. Draw the line on lined paper isocost for the company. In the same diagram, ..
Suppose a group of people decided to create their own economic system with cartons of milk serving as money. If we decided to use this “liquid asset” as our medium of exchange, and all prices were measured in cartons of milk, milk would still not be ..
What might happen if we backed off passing new regulations, revoked ObamaCare and Dodd/Frank and lowered marginal tax rates significantly?
A production possibilities frontier can shift outward for all of the following reasons except. The increased labor force participation of married women in the United States is most often explained by: A movement along a demand curve can be attributed..
If the U.S. international merchandise account balance is positive, then:
Chapin Manufacturing Company operates 24 hours a day, five days a week. The workers rotate shifts each week. Management is interested in whether there is a difference in the number of units produced when the employees work on various shifts. Decision..
In the short run, a monopolistically competitive firm is
a) Use the data in the table above to plot the demand and supply curve for babysitters. b) What will be the equilibrium quantity of babysitters hired?
The demand for diamonds is given by PZ = 680 - 2QZ where QZ is the number of diamonds demanded if the price is PZ per diamond. The total cost (TCZ) of the De Beers Company (a monopolist) is given by TCZ = 100 + 50QZ + 0.5Q2Z. What is social welfare w..
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