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1. In a market economy, what is the central coordinating mechanism?
2. In a centrally planned socialist economy, what is the central coordinating mechanism?
3. How does a market economy solve the what, how, and for whom to produce problems?
Consider a nation that produces only one final good: oranges. In 2010 the nation's orange producers sold a total of 100 oranges at a price of $2 per orange. In 2011 the nation's orange producers sold a total of 300 oranges at a price of $4 per oran..
The central bank has great credibility. The central bank announces a policy of disinflation, and the public believes the announcement. Inflationary expectations fall immediately.
A company deposits 2000 in the bank at the end of every year for 10 years. The company makes no deposits during the subsequent 5 years. If the bank pays 8% intereest, how much would be in the account at the end of 15 years
If the price of a good is increased by 15% and the quantitydemanded changes by 20% then the price elasticity of demand isequal to What is the price of elasticity of demand between $2.50 and$2.25
Jill earns more than Bob and she came by her income fairly and honestly. Which of the following political philosophies would argue against the redistribution of income from Jill to Bob?
Can a monopolistically competitive firm producing a good with lots of very close substitutes earn large positive profits in the long run? Please explain.
1. suppose the demand for a product is given by p 50 - q. also the supply is given by p 10 3q. if a 12 per unit
Who are your top 2 global competitors in the market?
You just bought a bagel shop. A market study shows your customers are willing to pay for a bagel into 9 equal-sized groups: ($3.00, $2.75, $2.50, $2.25, $2.00, $1.75, $1.50, $1.25, $1.00).
OPEC announces it will increase oil production by 20 percent. What is the effect on the price of oil? Demonstrate your answer graphically.
Suppose the total benefit derived from a given decision, Q, is B(Q)=25Q-Q^2 and the corresponding total cost is C(Q) = 5 + Q^2, so that MB(Q) = 25 -2Q and MC(Q) = 2Q What is the total cost when Q=2 and when Q=10
If the industry is regulated and the regulatory authority forces Widget Corp. to earn only a normal return on investment (which is included in its cost function), what is the resulting equilibrium price and quantity. Where W represents the number ..
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