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1. Suppose the people of Pongo love the sound and smell of burps. When a person burps, it makes this person happy and all other people around them happy. However, burping is exhausting. When you burp in Pongo, the people around you received additional happiness through your actions. This situation is an example of?
2. A friend tells you that you are generally paid for your worth to your employer.
What does he mean by this?
Which principle of economics deals with this topic?
Suppose for a moment that someone with legislative power decides to abolish Fractional Reserve Banking and passes a law that forces banks to only lend the money they own, that is M0. What would be the economy-wise implications of such a change in the..
Price outcomes of the 5 oligopoly models differ substantially. Which models produces the lowest and highest total profits (all firms combined)? What are the predicted prices? Provide aviation industry examples of routes or markets that might approx..
Show graphically and explain why the imposition of a minimum wage results in both winner and losers in the labor market. On your graph identify the gains to the winners and the losses to the losers.
A winery estimates that the demand for its fine Owner's Select, has an income elasticity of 2, where income refers to the income per capita of its customer base.
According to the theory of purchasing power parity (PPP), what will happen to the value of the dollar (against foreign currencies) if the U.S. price level doubles and price levels in other countries remain constant? Why is the theory more suitable to..
When a fine caterer produces 30 catered meals, its marginal cost and average variable cost each equal $10. Therefore, assuming normally shaped cost curves, at 29 meals:
Consider the case of a corn producer. This producer is a monopolist in the corn market. Since corn production uses significant amounts of fertilizers, it negatively affects the environment. Recall that, when a firm is a monopolist, it reduces its pro..
Explain why the change is not likely to be a pareto improvement. Which of these changes might be approved under the compensation principle? Which might be approved under a Rawlsian social welfare function?
Students are required to write an essay on a significant, recent economic event or activity and discuss an economic activity or event of interest and apply it to theoretical models and economic laws introduced during your study of topics.
Suppose your local espresso bar makes the following offer: People who supply their own half-litre carton of milk can buy a cup of cappuccino for only $1.50 instead of the usual $2.50. As a result of this offer, the quantity of cappuccino sold goes up..
Assume the market for a commodity is described by the demand and supply functions. Determine the equilibrium price and quantity in this market. Draw a graph to illustrate your answer and compute the consumer surplus and the producer surplus.
The management of bank risk is a crucial function of management. What are the most important risk management principles that involve approving loans? Why do Adverse Selection and Moral Hazards make the underwriting process more complicated?
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