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Why do economic costs include both explicit (revealed and expressed) costs and implicit (present but not obvious) costs?
Illustrate what is the meaning of economies of scope and explain how do they differ from economies of scale.
You manage a company that competes in an industry that is compromised of five equal-sized firms.A recent industry report indicates that a tariff on foreign imports would boost industry profits by $ 30 million
Based on the standard labor demand model, in the long run, what do you expect to be the scale and substitution effects of a decrease
Do the following variables have a positive, negative, or roughly zero correlation in a cross- section of countries: GDP per capita and the number of books published (hard copy + electronically) per capita?
Using the factors that influence the natural unemployment rate, explain what would cause the natural unemployment rate to increase.
What are the intended and unintended consequences of such a public policy?
Illustrate what is the Business Cycle. Be able to describe all of its parts such as peak, trough, long-term trend, etc.
In the mid 2000s, as house prices began to climb, some were concerned that an overheated housing market was leading to an unstable inflationary gap. As a result, beginning in the second half of 2004, the Federal Reserve (headed by Alan Greenspan at t..
A consumer must divide $600 between consumption of products X and product Y. The relevant market prices are Px = $10 and Py = $40. Write the equation for the consumer's budget line.
In the long run, what happens to the demand curve facing a monopolistically competitive firm that is earning short-run profits? The demand curve will shift to the left and became more elastic. The demand curve will shift to the right and became more ..
A foundry uses 3,600 tons of pig iron per year at a constant rate. The cost per ton delivered to the foundry is $145. It costs $92 to place an order and $18 per ton per year for storage. Find the minimum-cost purchase quantity.
Morgan company’s marginal cost curve is: MC = 4+3Q Where MC is marginal cost and Q is the number of units of its product. The price of a unit of its product is $3. A consultant hired by the company argues based on the evidence, the firm would make mo..
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