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1. Think of ticket scalpers at a rock concert, a baseball game, and an opera. Might they exist because the tickets to these events were originally sold for less than the equilibrium price? Why or why not? In what way is a ticket scalper like and unlike your retail grocer, who buys food from a wholesaler & then sells it to you?
2. James lives in a rent-controlled apartment and has for the past few weeks been trying to get the supervisor to fix his shower. What does waiting to get one's shower fixed have to do with a rent-controlled apartment?
3. Buyers always prefer lower prices to higher prices. Do you agree or disagree with this statement? Explain your answer.
4. If the absolute price of good X is $10 and the absolute price of good Y is $14, then what is
(a) the relative price of good X in terms of good Y ?
(b) the relative price of good Y in terms of good X?
Given the basic economic problem of scarcity
Using lessons from the Roback Model, can you comment on the effect of the "bike-path" amenity on consumer utility?
You do not start saving money until age 46. On your 46th birthday you dutifully invest $10,000 each year until you finish your deposits when you reach the age.
Beer and pizza are complements because they are often enjoyed together. When the price of beer rises, what happens to the supply, demand, quantity supplied, quantity demanded, and the price in the market for pizza.
Economists occasionally speak of “helicopter money” as a short-hand approach to explaining increases in the money supply. Suppose the Governor of the Fed flies over the country in a helicopter dropping 10,000,000 in newly printed $100 bills (a total ..
Explain why hyperinflation has such a devastating impact on economies. Explain what it takes to stop hyperinflation
Suppose the two firms compete on quantities. Find the Nash equilibrium price and the output of each firm. How much profit does each firm make?
1. a small modular nuclear reactor delivers 100 mwe and has a capital cost of 1500kwe costs 5 millionyear for
What is the price elasticity of supply of land in Manhattan? What is the price elasticity of supply for land dedicated to a specific use, such as apartment buildings or office buildings? How do your answers affect the nature of economic rent earned b..
charles calomiris an economist at columbia university said the following about the initiatives of the treasury and the
Using a bowed outward production possibilities curve between ice cream and hammers, identify graphically the opportunity cost of obtaining an additional hammer.
Economists often argue that wage rates reflect productivity. Yet, the wages of house painters have increased nearly as rapidly as the national average, even though these workers use approximately the same production methods as they did 50 years ago.
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