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What is equilibrium? What is disequilibrium? Explain why, if there is no outside interference in a competitive market, that prices will not remain either above or below equilibrium for long.
Consider the following information about the market for magic beans. This a perfectly compet-itive market, with upward-sloping supply and downward-sloping demand. Suppose that the market is currently in equilibrium.
Which of the following is a true statement about? self-interest as used in the study of? economics?
What is Keynesian Economics and what role does the government play in the economy? What is the role of PROFIT in the American economy? What does "our children and grandchildren inherit the national debt?"
One U.S. dollar is trading on the foreign exchange market for about 1.47 Chesterfield ales (the Chesterfield currency). Therefore, one Chesterfield ale would have purchased how many U.S. dollars?
A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 130 - 0.5P, and the marginal cost of production is $180. Determine the optimal number of units to put in..
In national income accounting, an investment is regarded as. Conclude the probability that the annual net cash flows will be negative.
Which of graphs below shows Y increasing at a decreasing rate. Which of following issues is related to microeconomics rather than macroeconomics.
Let O = {x ∈ Z | x is odd} be the set of odd integers and E = {x ∈ Z | x is even} be the set of even integers. (a) Explain whether {O, E} is a partition of Z. (b) Explain whether {O × O, E × E} is a partition of Z × Z. If the answer is no for eith..
Consider the market for music downloads. The market demand curve is given by P=10-(1/6)Q. Where Q is the number of downloads sold per hour and P is the price per download. Apple is the dominant firm in this market with constant marginal costs MC=6.
Suppose a consumer’s preferences over goods 1 and 2 are represented by the utility function u(x, y) = (x+ y)^3. Draw an indifference curve for this consumer and indicate its slope.
A mandatory health insurance plan costs $4,000. One worker earns $24,500 in employment income and $500 in investment income. Another worker earns $48,000 in employment income and $2,000 in investment income. Which of the payment systems in Exercise 1..
The initial cost of a new business facility is $1,000,000 but the owners plan to add an expansion in 10 years which will cost $100,000. It costs $25,000 per year to run from years 1-4 and $40,000 per year from years 5-infinity. What is the annual wor..
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