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1. The complete version of the Thomas Sargent quote that began this chapter is "Persistent high inflation is always and everywhere a fiscal phenomenon." Why did Sargent include the modifiers "persistent high"?
2. In the lecture we talked about the importance of information asymmetries for the functioning of (credit) markets. In 2001, George Akerlof, Michael Spence and Joseph Stiglitz were awarded the Nobelprize in Economics for "for their analyses of markets with asymmetric information".Go to https://www.nobelprize.org/nobelprizes/economics/laureates/2001/popular.html and read the report. Summarize the ideas of George Akerlof and explain why they are important for banking and credit markets.
Does advertising improve the economic efficiency of markets from an economist's perspective and explain and support your discussion with a diagrammatic model and include any assumptions regarding elasticity in your explanation.
What is the Law that states that as we shift factore of producation from making one good or service to another, the cost of producing the second item increases?
Review the concept and details of computing GDP (GDP.pptx). Then listen to an excellent discussion of GDP and a variety of issues involved in computing GDP, including ones that are part of this week's discussion: GDP Discussion.
A plastic surgeon thinks she can make more revenue by lowering the price of cosmetic surgery.If cosmetic surgery is an elastic service, is she correct in her assumption.
Estimate the demand for beef as a function of the price of beef, the price of pork, disposable income, and population. Label this as Model. Which independent variables have a significant impact on the demand for beef
Suppose college graduate earn$25 an hour and high school graduates earn $15 an hour. Suppose too that the marginal product of college graduate at Jonson Tools is five hammers per hours, while the marginal product of high school graduates is four hamm..
Suppose there are external costs associated with the production of cement. This means that government can best promote efficiency in the cement market by:
Which strategy will you follow? Will you decide to study, or not study - Calculate consumer surplus and producer surplus for this perfectly competitive outcome.
a machine costing 80000 to buy and 6000 per year to operate will save mainly labor expenses in packaging over five
What range of years of education must be required to obtain this diploma in order for the diploma to be an effective signal of worker ability?
1. price elasticity of demand is an important tool for managers in in a selling environment in deciding what to put on
1. How do you know that the firm represented in the graph above is a purely competitive firm 2. To maximize profits, this firm will produce at what output level (one letter) 3. Explain why this MR=MC position is the profit-maximizing position for any..
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