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Adam Smith, usually referred to as the father of economics, expounded the theory of free markets and opposed any form of concentration of economic power. He believed that any authority establishing a price that provided a fair price to the providers of the factors of production would distort the market's natural ability to determine prices and output levels. In general, he believed that competitive markets would allocate resources to their highest and best use. However, in recent times, we have seen the market mechanism fail and allocate too many or too few resources to the consumption or production of some goods and services.
-What are some of the reasons for this failure?
-Has government intervention into competitive markets changed the efficiency of these markets? Why or why not?
-Was Smith correct or incorrect in his theories concerning the efficiency of the markets in allocation of resources?
-Justify your answer.
A university in a metropolitan area wishes to increase its evening-school offerings of business-related courses such as marketing, accounting, finance, and management. Who are the target market customers (students) for these courses?
The banks hold no excess reserves, Illustrate what will happen to the total money supply. How did you reach your answer.
What are the short run and long run effects of a one-time increase in the stock of labor (because of, for example, a particularly large cohort of college graduates joining the labor force)?
Sam has preferences for consumption goods (C) and time spent on leisure (L). The utility function is u(C,L) = CL. The household also has a home production technology summarized by a production function. How much time will Sam spend in leisure? How ma..
After set up there is a marginal cost of $ 4 for each CD. Set up the total, average and marginal revenue functions for GDM. Write out the company TM s total average and marginal cost functions.
What is wrong with the conclusion that eventually all heights will be close to their mean?
q.use the following hypothetical demand schedule for movies to do exercises 1-4.quantity demanded price elasticity100
Which of these statements best summarizes the impact of the Fisher effect? 1-Consumers consider future inflation. 2-Interest rates are unpredictable. 3-The interest rate remains stable. 4-Inflation is ignored by borrowers.
The production function is given by f(x)=4x^1/2. If the price of a commodity produced is $60 per unit and the cost of the input is $20 per unit, how much profit will the firm make if it maximizes profit?
Suppose that a perfectly competitive firms’ Total Cost function is given by: SRTC(q) = 50 + 80q –10q2 + .6q3. What is fixed cost equal to? What is Variable Cost equal to? What is Marginal Cost equal to? What is Average Variable Cost equal to? Find an..
Explain the real-nominal principle in detail? This is from Economics course.
Assume a good where its equilibrium price is 40 and its equilibrium quantity is 3.0 units. Compute the supply surplus when price is 60. Take into consideration that the elasticity of supply is 1 and the elasticity of demand (-1).
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