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Occupation and Stratification Answer the following questions for the initial post. Reply to two (2) other students and discuss the content of their post to earn full points.
1. SELECT a career from the ‘Prestige Rankings of Occupations’ . What is your chosen career and prestige score? 2. Do you find that this number is low (or high) based upon the other rankings? Why? 3. REVIEW the list again. What is an occupation that has a high prestige number yet might not pay that much? 4. We are prone to judging people by how they appear. Suppose that a person is lower-income. How might they dress and act to give the appearance that they are of a higher class?
Suppose the economy is in an inflationary gap. Which of the following public policies would not help the economy get back to potential real GDP?
What are the characteristics of perfect competition? Why does this type of fast-food restaurant tend to display characteristics of perfect competition? Imagine you are running a firm with the characteristics of a perfectly competitive firm. Describe ..
Assume that a price-taking firm in the wheat industry has typical U-shaped SAC and AVC shortrun cost curves and an upward sloping SMC curve. Describe the short-run supply curve for this firm. What is the shutdown price for this firm?
Compare and contrast the four market structure models: Monopoly, Oligopoly, Monopolistic Competition, and Perfect Competition—including, but not limited to, assumptions/characteristics of each model, profit maximizing price/output combinations, short..
Suppose that you own a 10-acre plot of land that you would like to rent out to wheat farmers. For them, bringing in a harvest involves $35 per acre for seed, $80 per acre for fertilizer, and $70 per acre for equipment rentals and labor. What if the p..
Describe some forms of private spending which represent consumption some forms which represent investment.
What are the four phases of the business cycle? Why is it difficult to distinguish between frictional, structural, and cyclical unemployment? Why is unemployment an economic problem? What are the consequences of a negative GDP gap? What are the nonec..
Draw a supply and demand graph for both the short run and long run money markets and explain the impact of an increase in the money supply on each market.
The labor market for NBA players is perfectly competitive. The Labor Supply curve is Q= -20+3w. The marginal expenditure curve is ME= (2Q+20)/3. The Labor Demand curve is Q=125-2w. The Marginal Curve is MR= (125-2Q)/2. Both the players and owners do ..
You are the manager of a business in a monopoly market with the following inverse demand function. In addition, assume your production technology is described by the total cost function.
Can you give me a 500 word summary explaining what "opportunity cost " is?
What is the elasticity of supply in that range of the supply curve? How much tax revenue does the government collect?
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