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Profit Maximization Problem
Suppose Alyssa gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Alyssa in giving haircuts is her time. As she gives more haircuts, Alyssa must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If she gives two haircuts, she gives up reading the paper, sleeping an extra half-hour, and so on.
was the challenge that a retired professor of economis was known to have used in his upper division american economic historic course to ascertain what his students remembered fron introductory macroeconomics about the creation of money.
Suppose Congress (in an attempt to stimulate the economy in both the short and long run) passes an investment-tax credit, which subsidizes domestic investment. How will this policy affect (comparing the state of the economy prior to the enactment o..
Graph the information for consumption(C) and the consumption and investment(C-I) schedule. Show the equilibrium point
Economists typically view free and mutually advantageous exchanges as a good thing - in the words of economists, they are "Pareto Improving." However, we may find in the literature on the "morality of market exchange".
Illustrate what is the price elasticity of demand of a representative gasoline retailer's product.
A decision by the U.S. to utilize fiscal policy to run a fiscal deficit, chiefly through unprecedented heavy spending, to stimulate the US economy
Susan begins to examine shifts in demand for shoes. She discovers that as the population increases then it is likely that there will be a shift in demand to the right for shoes. She also discovers that when there are more houses being built, sometime..
1. How would you explain the finding that people in high-income economies seem happier than people in low-income economies, but, over time, people in high-income economies do not seem to be any happier even if their country grows richer? Briefly d..
The goal of this exercise is to get some practice on the workings of the principle of double entry bookkeeping, as well as to get acquainted with the international accounts.
Describe some of the investments made on the basis of cheap oil that complicates the transition away from a hydrocarbon based society.
1. Who has absolute advantange in chocolates Who has absolute advantage in shirts 2. Who has comparative advantage in chocolates Who has comparative advantage in shirts 3. If these nations trade freely, what does the U.S. import from Switzerland
1. Suppose that a local government decides to provide more funds to the local police department in order for the department to hire additional police officers. Is there an opportunity cost of this action? If so, how would you ..
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