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Midterm ExamIn this module you will complete the Midterm Exam. This exam covers materials from the first half of the course. For this exam, you will download the exam word document from the course menu. The questions should be written succinctly, using the proper terminology, while showing and explaining all work.Submit the Midterm Exam to the Dropbox 1. You have made the decision to pursue higher education. Describe the economist's view of how a decision like that is made. Using marginal analysis, make sure you evaluate the "rationality" of the decision and explain why the following statement is irrational: "Higher education is priceless, so everyone should pursue a degree no matter the cost."2. Recall your readings about Shaq moving furniture and playing basketball. Use both absolute and comparative advantage to explain the following: Suppose you have one partner for a school project requiring both math and writing skills. If you are better than your partner at both math and writing, does this mean you should be responsible for both parts? Use comparative and absolute advantage to explain. 3. The Econville News reports the invention of a machine that allows cows to milk themselves. Provide a brief written description/explanation of the effect of this news on the equilibrium price and quantity of milk.4. The Econville News reports that drinking at least 8 ounces of milk a day increases bone density 10% over a life time. Provide a brief written description/explanation of the effect of this news on the equilibrium price and quantity of milk.5. Consider a time in your life when you have benefited from an externality and a time when you have suffered from an externality. Make sure to clearly describe your role and the type of externality. What is your opinion about the role of government in each of these situations?
1. the marginal cost pricing model calculates a markup over marginal costs using estimates of the price elasticity of
When the Fed forecasts a sustained increase in the demand for the monetary base, the staff of the Fed is likely to meet this demand through:
A corporation purchased a machine for $60,000 five years ago. It had an estimated life of ten years and an estimated salvage value of $9,000. The current book value of this machine is $7,500. If the current market value is $25,000 and the effective i..
suppose duopolists in the market for spring water share a market demand curve given by p 50 - 0.02q where p is the
How much will she consume in each period?
Explain the underlying facts that support free trade and give an example of a good that you purchased recently that is based on resource differences. What are some examples of goods that the U.S. has comparative advantage in producing
From the perspective of stated preference methods in general, explain the concept of “consequentiality.” Describe how consequentiality might be conveyed to a survey respondent in the context of a stated preference survey.
A colleague tells you that he can get a business loan from the bank, but the rates seem very high for what your colleague considers a low risk loan.
How much must be deposited in an account to have annual withdrawals of $1000 forever? Interest is compounded quarterly and the interest rate is 9% for the first 10 years and 10% thereafter.
If there is a new breakthrough in manufacturing technology that reduces the cost of producing DVD players by half, what will happen the following Four parts of supply and demand: (1) supply of DVD players, (2) demand for DVD players, (3) price and sa..
What sort of negotiating model would work with each group - What mistakes do you need to avoid and what if conflicts come up? How would you overcome them?
The manager of a local monopoly estimates that the elasticity of demand for its product is equal to -3, and the marginal cost is at $20. Express the firm’s marginal revenue as a function of its price. Determine the profit-maximizing price.
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