When would being first be a valuable strategy

Assignment Help International Economics

Reference no: EM13117203

1.) When would being first be a valuable strategy?

2.) What does it mean to say that economics focuses on the margin? What is the difference between average and marginal?

3.) In the following table, total cost is listed. Calculate marginal cost. Use Details.

Total Cost	10	20	40	80	130	200
Quantity	1	2	3	4	5	6

4.) In the following table, total revenue is listed. Calculate marginal revenue. Use Details.

Total Revenue	200	350	450	520	580	630
Quantity	5	10	15	20	25	30

5.) An entrepreneur quits a job where she was earning $60,000 per year and starts her own business. In this business she is earning $20,000. What is the cost of the business? Suppose the entrepreneur is so happy being on her own that she thinks it gives her the same joy that a $100,000 job would. What is the cost of the business?

6.) What are the gains from trade? What is the primary benefit of trade? Why is the idea of trade is beneficial counterintuitive? Answer according to Economics.

7.) What is the difference between absolute advantage and comparative advantage? How can a less developed country like Mexico have a comparative advantage relative to the United States?

8.) What are private property rights as it pertains to Economics? Why are private property rights necessary for markets to function?

9.) It has been said that "profit opportunities attract firms like sharks to blood." Explain this theory.

10.) The following data represents the production possibilities of two people in solving math and economic problems. If they devote their total effort and time to math, A can solve 10 math problems and B can solve 10 math problems. If they devote their total effort and time to economics, A can solve 10 economic problems and B 5 economic problems. SHOW ALL WORK!!!

Percent of Resources Devoted To: A B

Math	Economics	Math	Economics	Math	Economics
100	0	10	0	10	0
0	100	0	10	0	5

a.) Who has the absolute advantage?

b.) Who has the comparative advantage?

c.) Assume that each will be self-sufficent and devote half their resources to math and half to economics.

The Outcome follows.

Alone-No Trade	Math	Economics	Math	Economics
	5	5	5	2.5

Now assume that they specialize according to comparative advantage. How much math and economics will they produce together? What are the gains from trade? SHOW ALL WORK WHERE APPLICABLE!!!

11.) What is an "externality"? Why might it create a problem for market allocation?

12.) Why is it widely accepted that the government is responsible for dealing with externalities?

13.) Give an example of an externality between firms, between customers and firm, and between suppliers and firm?

14.) Is the government provision of interstate highways a productive use of resources? What would have occurred had the government not taken responsibility for building and maintaining highways?

15.) What is adverse selection? What is moral hazard? Give an example of these two problems arising between a firm and its suppliers.

Reference no: EM13117203

Questions Cloud

Explain what potential problems might arise in the design : What potential problems might arise in the design and administration of the questionnaire because of the unique nature of the population in question? List the problems you foresee and provide the solutions.

Compute the coefficient of kinetic friction between child : A child goes down a playground slide with an acceleration of 1.34 m/s2. Compute the coefficient of kinetic friction between the child and the slide if the slide is inclined at an angle of 34.0° below the horizontal.

Explain why estimations and confidence intervals important : Why do so many of life's events share the same characteristics as the central limit theorem? Why are estimations and confidence intervals important? When might systematic sampling be biased?

Distinguish the two tubes and identify : Upon your return to school after a long summer break ,you are anxious to get back to work in the research lab and complete the last experiment needed for your first publication.OOPS.

When would being first be a valuable strategy : When would being first be a valuable strategy and what does it mean to say that economics focuses on the margin? What is the difference between average and marginal?

Explain how many homes could be heated with the waste heat : A typical American house requires an average 20 kW for heating. Explain how many homes could be heated with the waste heat of this one power plant?

Describe effect of outlier-extreme value-confidence interval : Change the last number from 257 to 61 and recalculate the confidence interval. Using the results, describe the effect of an outlier or extreme value on the confidence interval.

What functional role is servedby telomeres : Consider what you have learned about the telomeres found at the ends of eukaryotic chromosomes and answer the following questions.

Elucidate what is the magnitude of the acceleration of rock : A rock of mass 34 kg accidentally breaks loose from the edge of a cliff and falls straight down. The magnitude of the air resistance that opposes its downward motion is 248 N. Elucidate what is the magnitude of the acceleration of the rock?

User Account

All Pages