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Answer each of the following questions using economic theory. Make sure you back up your answers with a few sentences or a paragraph justifying your answer.
1. You plan a major adventure trip for the summer. You won’t be able to take your usual summer job that pays $6,000, and you won’t be able to live at home for free. The cost of your travel on the trip will be $3,000, film and videotape will cost you $200, and your food will cost $1,400. What is the opportunity cost of taking this trip?
2. The university has built a new parking garage. There is always an available parking spot, but it costs $1 per day. Before the new garage was built, it usually took 15 minutes of cruising to find a parking space. Compare the opportunity cost of parking in the new garage with that in the old parking lot. Which is less costly and by how much?
Which are the most important hypotheses that follow from this theoretical approach to geographic mobility. Discuss how higher proportional and progressive income taxes are likely to affect the mobility decision.
Dsecribe a complete business cycle (trough, peak, expansion, recession), focusing on what happens to output, investment, employment in each phase.
Relates to content and skills covered in Week 7 of the Weekly Study Program, Chapter 32 of Ganset al. (2012). Refer here to the comments given for Week 7 for assistance in answering this question.
What are the monopolist's profit-maximizing output and price and what is the resulting deadweight loss relative to the competitive outcome?
The United States cigarette industry has negotiated with Congress and government agencies to settle liability claims against it. Under the proposed settlement, cigarette firms will make fixed yearly payments to government based on their historic mark..
Radovilsky Manufacturing Company, in Hayward, California, makes flashing lights for toys. The company operates its production facility 300 days for each year. It has orders for about 12,000 flashing lights for each year and has the ability of prod..
Reducing taxes increases the amount of available cash that consumers can use to purchase goods and services. The more cash consumers have, the more purchases they are likely make. As consumers in a country increase spending, it directly increases ..
Is there any difference between the two approaches of the Keynesian theory and the new Keynesian theory in terms of short-run implications? What are the long-run implications on price level and GDP?
Choose a United States based firm with global operations and discuss the following questions, Discuss the company's activities outside of the U.S.
Suppose You have been employed by an unprofitable company to determine whether it should shut down its unprofitable operation.
Suppose P (domestic price) and P* (foreign price) are both increasing. Now suppose that the dollar experiences a 5% nominal depreciation. a. Which country is experiencing the higher rate of inflation if the domestic currency experiences
Describe a situation where prices have been held out of equilibrium due to government intervention in the market-the obvious ones discussed in the text are rent control and agricultural subsidies. You may use a specific example of one of these, or..
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