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In what ways does economics class relates to the real world? How does knowledge gained from economics teaching been valuable in helping somone understand or evaluate events or policies? What current events in the news can directly link to concepts or theories regarding economics?
What is the negative consumption externality described in this quote? Show this externality on a correctly labelled demand and supply diagram for the petrol market.
The council decides to allow a boat to fish in the lake only if its owner buys a fishing licence. To maximize total profit (of citizens and council), how many groschens should the council charge for a licence?
How does knowledge of value elasticity between different groups of consumers or for several products enable managers to price discriminate, change different prices for these groups?
Find out the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $30 is imposed in this market. Also determine the full economic price paid by consumers.
Suppose an airline flying on the Charolette-Chicago route has estimated the demand curves for three different types of customers: business (no advance purchase), leisure (7 day advance purchase), and discount (14 day advance purchase) travellers. ..
Suppose you are starting your own Internet business. You make a decision to form a company that will sell cookbooks online. You estimate that the yearly cost of this business will be given as follows:
Explain how each of the events described above, affected the world market for oil. Specifically, use a supply and demand diagram to explain changes in price and output.
What is the variable cost and when output is 10,000, what are the average variable cost and the average fixed cost?
With use of a graph, explain how these two programs affect cigarette consumption and explain the combined effect of these two programs on the price of cigarettes.
A. In 1996, many cows in Great Britain came down with "mad cow disease". As a result, the nations of European union banned the import of British beef.
Subsequent pounds are worth $0.30, how many pounds of potatoes will she purchase? What if she only had $3.00 to spend?
Assume that you are an advisor to the United States section of Justice, the agency with responsibilities that include, among others, the power to approve or disapprove proposed business mergers in the U.S.
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