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Explain how unlimited desires and limited resources combine to create the need for economic analysis
Outline the flow of goods and resources to and from economic decision makers
Explain the relationship between consumer demand and producer supply
Describe the four basic types of market structures
Explain the difference between positive and normative economics and how this affects ethical decision making
An investment opportunity will pay $50 with a 10% probability,$20 with a 40% probability, and will result in a loss of $20 with a 50% probability. What is the expected value of the investment?
Suppose that the cross-elasticity of demand between McIntosh and Golden Delicious apples is 0.8, between apples and apple juice is 0.5, between apples and cheese is 0.4, and between apples and beer is 0.1. What can you say about the relationshi..
Scenario: You have been asked to assist your organization's marketing department to better understand how consumers make economic decisions.
Would you expect the buyers of auto insurance to have a higher or lower than average probability ofhavi.ng an auto accident? Why?
In a competitive market where Qd = 560-6P and Qs = -46+28.7P the initial price P0 is £50. Derive a function for the time path of P and use it to predict price.
A plate forming machine was purchased four years ago at $100,000. The owner used a 10-year straight-line depreciation with an assumed resale value.
What’s the role of price in allocating the resources? Give logical examples for explanation. Draw graphs where necessary.
A firm is making a long-run planning decision. It wants to decide on the optimal size of plant and labor force. It is considering building a medium-sized plant and hiring 100 workers.
"Wal-Mart is a low-wage firm and this indicates that it exploits its workers." Which of the following should cause one to question the validity of this statement?
Draw the industry supply and demand curves. Describe and graph what happens to the industry curves in response to the existence of economic profits.
If we assume that all firms in a perfectly competitive constant cost industry are identical, we conclude that, in the long run, product price will exactly equal the firms' minimum average total cost. Explain why this is true using supply and deman..
What possible security problems arise if an adversary manages to alter the clock used by legitimate clients? What are appropriate countermeasures in this case?
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