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Graphs are important, and not just for economics. They convey, relay, interpret, visualize, support and contradict, explain and explain away many of the things we come across in our daily lives - both personally and professionally. Take three (3) graphs that you come across (They may NOT be from our textbook or any other textbook) in your everyday life - personal or professional life. Explain to us what each of these three graphs is trying to convey? Does it convey it effectively? Then provide 1 concrete change you would make to each one of the graphs to make it more effective (saying "No changes necessary" are unacceptable.) Let us know where you found or came across the graph. Of the 3 graphs you find, you must attach the one you think is the best one to your major comment on this forum.
The supply and demand curves are: Qs = -800 + 15p and Qd = 3200 - 25p. Solve for the market equilibrium. Now suppose a tax of $20 per unit is imposed on consumers. What are the new equilibrium quantity, buyer's price and seller's price? What is tax r..
Small mistakes are the stepping stones to large failures. How might this saying apply to the simple model of the firm and marginal analysis? Do you agree? In your responses
Discuss in your opinion what you feel were the major positive and negative impacts of Big Business on the U.S. economy.
Some economists and policymakers argue in favor of replacing the current income tax in the USA with consumption tax. What are your opinions on the issue? How do think such change impacts your income and expenditure pattern? Which tax methods do you p..
The scores of all applicants taking an aptitude test required by a law school follow a normal distribution with mean 420 and standard deviation 100. What is the probability that a randomly selected applicant will achieve a score of more than 450? Wha..
The Law of Supply suggests that the price-elasticity of supply is: If a 10 percent increase in the price of one good results in no change in the quantity demanded of another good, then it can be concluded that the two goods are: Marginal utility is t..
With the help of a diagram, discuss the effect of price ceiling imposed by the government on the welfare to the society (consumers' and producers' surplus) If the ceiling price were set below the equilibrium price.
Elucidate one opportunity for Big Drive Auto that requires a business management decision.
Using production theory, explain illustrate what will take place to the capital- labor ratio in both the short-run also the long run.
Interest rates on U.S. treasury bills are typically much lower than interest rates on U.S. treasury notes and bonds. If the federal government wants to reduce the interest charges it pays when it barrows money, why doesn't the treasury stop selling t..
Suppose that a Presidential candidate proposes to cut taxes by $120 billion in his or her first year in office. Assuming that the US is a large open economy and its MPC = 0.8, state the long run impact of this tax cut on Y, C, I, G, NX, r, ε, Sp, Sg,..
Elucidate what impact will this change have on the price level, output, and employment in the short run in the United States.
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