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Quesiton: Marc has a budget of $20 a month to spend on root beer and DVDs. The price of root beer is $5 a bottle, and the price of a DVD is $10.
What is the relative price of root beer in terms of DVDs?
What is the opportunity cost of a bottle of root beer?
In which direction would the price of gasoline increases because of a catastrophic oil spill changes in conditions cause the aggregate supply curve to shift?
Identify one real-life example of a market structure in your local city and relate your example to each of the characteristics of the market and describe how high entry barriers into a market will influence long-run profitability of the firms.
consider the utility function ux y -8x -8y. find and expression for the marginal rate of substitution mrsxy at any
go back to the numberical example with no factor substitution that leads to the production possibility frontier in
What is the marginal product of the 2nd picker? the 6th picker? When does diminishing returns start to set in? Explain. Graph the production possibilities curve for the United States.
Assume that apples are an inferior good. Draw a perfectly competitive market for apples and a firm selling apples in the long run equilibrium where price is $10 and the firm’s equilibrium quantity is 50. Explain the following situations graphically a..
There are only 2 firms in the iron ore industry. Assume each firm is free to set its production level but each firm can communicate what they plan to do first. What is the impact of the entry of another producer(RT)
exchange economy 1. suppose that in a simple two-good exchange economy the two individuals a and b have the following
Which school of macroeconomic thought would most favor a rule that directed the Federal Reserve to expand the money supply at the same rate is the typical growth of the economy's production capacity?
Deviant behavior is a natural disposition. Which theoretical approach best explains deviant behavior? Support your opinion with factual information and explain your reasoning.What are the strengths and weaknesses of this approach?
how do automatic stabilizers differ from discretionary fiscal policy tools? distinguish between crowding out and
A competitive firm has the following quadratic total cost function TC = aQ2+10Q + 50- determine a if the market price is $50 per unit and the firm's profit maximizing level of output is 10 units.
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