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1. What are the ten principles of economics? 2. What do the principles of economics say about the most important microeconomic issues such as incentives, opportunity cost and trade? 3. What is the definition of Economics? What do economists study? 4. What are the main characteristics of economic models? 5. What method do economists follow to design economic theory? 6. What is the quantity supplied? 7. What is the quantity demanded? 8. What are the benefits of free trade? 9. How is equilibrium in a market defined? 10. When can disequilibrium occur? 11. Are the interests of consumers the same as those of producers? 12. What is the definition of opportunity cost? Think of an example. 13. What problems can be caused by a price control like a price ceiling? A price floor? 14. Rent control is an example of what kind of price control? What are the consequences of it? 15. When the price of a product changes, what happens to the amount demanded? To the amount supplied? 16. What is consumer surplus? How is it calculated? 17. What is price gouging? What is a logical reason for its occurrence? 18. What is the definition of demand? 19. What is the definition of supply? 20. What is the difference between a change in demand and a change in quantity demanded? 21. What are examples of demand shifters? 22. What are examples of supply shifters? 23. What is the difference between a change in supply and a change in the quantity supplied? 24. What is the PPF? 25. What important concepts are illustrated by the PPF? 26. What is a tariff? 27. When a price floor is imposed, what are the consequences? 28. What is the definition of a market failure? 29. What is the definition of price elasticity? 30. When is a demand considered relatively elastic? 31. When is a demand considered relatively inelastic?
Find the reaction functionB)How much does each firm produceC)compute CS ,PS and the deadweight lossD)if firm 1 and 2 leaders and 3 follower (Stackelberg),What are the quantity choices for all three firms?
College students sometimes work as summer interns for private firms or for the government. Many of these positions pay very little or nothing.what is the opportunity cost of taking such a job.
a. List and fully describe the five stages of international development which a firm could consider or adopt when it decides to expand its operations outside its domestic market (s).
Use technology and information resources to research issues in econometrics.
Suppose that a natural monopolist was required by law to charge average total cost. On a diagram, label the price charged and the deadweight loss to society relative to marginal cost pricing. Briefly explain your diagram and comment on the results..
Show this utility maximiz- ing combination combination of Pepsi and Coke on the graph. how would her consumption and utility maximizing bundle of Coke and Pepsi change if the price of Coke decreases to 50 cents?
Find a newspaper or magazine article that highlights when the political process works poorly (not too hard). Write a 1-page paper on the economic reasons for this performance
market power may produce a level of output greater than its profit maximizing level of output to gain market share and block entry of new firms. What challenges does the firm face to sustain this practice?
Consider an industry made up of 8 firms.the market shares of 6 firms are 10% each. The market shares of the remaining two firms are 20% each. would a merger between firms 1 and 2 be likely to be challenged by the government
What happens to the reserves of the bank? What happens to the money supply in the economy as a whole if the reserve requirement is 10%, all payments are made by check, and there is no net drain into currency? How would your answer in part b be aff..
The market is perfectly competitive which constant input prices and each firm has the same cost structure from the table listed below;
Compute the profit at the end of each year if the hospital continues to use the traditional method for surgical operations and compute the profit at the end of each year if the hospital uses a Robotic Surgery Machine for surgical operations.
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