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Explain how each of the following situations would affect a nation’s production possibilities curve.
a. A technological innovation allows the nation to more efficiently convert solar energy into electricity.
b. A prolonged recession increases the number of unemployed workers in the nation.
c. A category 5 hurricane destroys over 40 percent of the nation’s productive capacity.
d. The quality of education in the nation’s colleges and universities improves greatly.
e. The nation passes a law requiring all employers to give their employees 16 weeks of paid vacation each year. Prior to this law, employers were not legally required to give employees any paid vacation time.
What is the structure for a firm with at least some ability to determine price? How are price and output levels determined rationally? Since price can, at least to some degree, be determined by the seller, is this firm sure to enjoy profits?
U(X,Y) = X2Y. The consumer has $24 to spend and the prices of the goods are PX = $2 and PY = $4. Note that the MUX = 2XY and the MUY = X2.
How much total utility does the consumer receive
The City Symphony presents three open-air concerts in the city park pavilion during the spring and summer. Many who attend make donations for symphony expenses, but the donation is not required. Some who attend make no contributions.
Draw a budget constraint and an indifference curve for an individual who works in period one and is retired (earns no income) in period two. He consumes some of his income in period 1 and saves the rest of his income for period 2.
What shape did the short-run aggregate supply curve have during the 1930s, according to Keynes? Explain
Dunkin Donuts raises the price of its French Vanilla coffee by 15%. The demand for Dunkin Donuts glazed doughnuts will change by what percentage and in what direction?
Barry, a recent engineering graduate, never took engineering economics. When he graduated, he was hired by a prominent architectural firm. The earnings from this job allowed him to deposit $750 each quarter into a savings account.
The opening statement on the website of the Organization of Petroleum Exporting Countries (OPEC) says, “…OPEC’s eleven numbers are all developing countries whose economies are heavily reliant on oil export revenues.They therefore seek stable oil pric..
What output maximizes the White Company's profit and what is the White Company's economics profit? Should the White Company continue in business or shut down in the short-run? Why?
Can the Farm produce 500 bushles of corn and 500 pounds of beef per year? Can the farm produce 800 bushels of corn and 1200 pounds of beef a year? What is the opportunity cost of the farm increasing beef production from 900 pounds to 1200 pounds per ..
Crew Brew produces a popular brand of beer in its mini-brewery located on a small river in Wisconsin. It uses a special formula, combined with the fresh water from the local stream, to produce a drink popular with local folks and tourists who visi..
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