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Question: Maxim is a new graduate and has found his first job working in the marketing department of a retail company. He has come to see you about his credit card debt that he acquired while he was a student. Maxim is not very good with money and he admits that he spends without thinking about how he is going to pay for it. He would like to get his spending under control and fully pay back his debts over the next 3 years to ease the burden on his cash flow. He asks you about an unsecured line of credit or an instalment loan. Which option would you recommend for Maxim? Why?
since the AC curve in the problem is upward-sloping everywhere, it is not possible to construct a zero-profit equilibrium given the assumptions of the problem this outcome requires a U-shaped AC curve.
In the following two situations explain how the factors of the Spreading effect and the Diminishing Returns effect cause the average total cost to be different.
Suppose the market demand function (expressed in dollars) for a normal product is P=80-q, and the marginal cost (in dollars) of producing it is MC=1q, where P is the price of the product and q is the quantity demanded and/or supplied.
You borrow $50,000. This loan will be paid back over 6 years, with payments made at the end of each year. The interest rate charged on the loan is 9%.
Kim can produce 40 pies or 400 cakes an hour. Liam can produce 100 pies or 200 cakes an hour. Draw a graph of Kim's PPF and Liam's PPF and show the point.
Perfect Competition is a model of which examples are few and far between. Yet economists love to discuss this model. Explain why.
"From your experience, and with your knowledge of the components of supply and demand, do you think it is possible to manipulate the equilibrium price?
If he is looking to invest his $100,000 where he can get an inflation adjusted rate (i.e., net, after inflation is taken into account) of 12%.
What means can managers use to assess political risk? What do you think is the relative effectiveness of these different methods? At the time you are reading this, what countries or areas do you feel have political risk sufficient to discourage yo..
The principle that all other factors being equal is added to a fixed supply of other resources, productivity will increase up to a point , after which the marginal product will diminish
An orange grower in Florida faces a dilemma. The weather forecast is for cold weather, and there is a 50% chance that the temperature tonight will be cold.
ECO101 Microeconomics Graph the daily demand curve for croissants in Geelong and calculate the price elasticity of demand at the point on the demand curve at which the price of croissants is $3.
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