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Tom likes Hamburgers better than hot-dogs.
What do Tom's indifference curves relating Hamburgers (horizontal axis) to Hot-dogs (vertical axis) look like?
Graph and explain the shape of your indifference curves. Do these indifference curve imply that Tom will only eat hamburgers?
Cartels are a form of anti-cooperative activity. Critically examine the factors that may facilitate the establishment, operation and detection of cartels.
Explain how is the aggregate supply curve different from the supply curve for a single good like pizza.
Enrodes is a monopoly provider of residential electricity in a region of northern Michigan. Total demand by its 2 million households is Q4 = 1,000 P and Enrodes can produce electricity at a constant marginal cost of $2 per megawatt hour.
Multinational company is continually seeking resources of comparative advantage through investing in developing nations. Sometimes, they are initially willing to pay a high value for that advantage.
Discuss the difference among inflationary gap also deflationary gap.
Determine the price elasticity of demand for a resource. Why is it important and what is it used for.
Explain why is private property and the protection of property rights, so crucial to the success of the market system.
A firm has the following cost functions: TC = 1200 + 2Q - 0.2Q2 + 0.01Q3 and MC = 2 - 0.4Q + 0.03Q2 A. Determine equations for the following: 1) total variable costs 2) average fixed costs 3) average variable costs 4) average total costs
Illustrate what effect would a period of rapid inflation likely have on the role of money.
A monopolist faces demand curve p = 11-Q , where Q is measured in thousands of units. Compute the firm's degree of monopoly power using the Lerner index?
You are planning a short-run production function for your firm, and you have collected the following data on labour usage and output: Calculate estimates of total. Average, and marginal products when the firm employs 23 workers
Compute point elasticities at prices of 5 and 9. Is the demand curve elastic or inelastic at these points.
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