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Course Objectives and Learning Outcomes
·Create and use economic graphs and numerical models to analyze and solve microeconomic problems.
·Analyze the impact of government activity in markets.
·Use a graph combining supply and demand to illustrate market equilibrium.
·Explain why governments intervene in markets with price floors and price ceilings and predict how those markets will be affected.
Assignment Requirements
This is a self-reflection paper developed based on the classroom discussion around minimum wage. Explain the effect minimum wage has on the economy. List and describe both the pros and cons of the more recent increases in the federal minimum wage. This two-page paper should reflect the points raised in the class discussion and any conclusions reached.
Draw the game as a table. What are the Nash equilibria of this game? How does this game differ from a prisoner's dilemma, and how can participants achieve the optimal (both hunt Stag) outcome?
Office building maintenance plans call for stripping, waxing, and buffing of ceramic floor tiles. This work is often contracted out to office maintenance firms, and both technology and labor requirements are very basic.
What are the possible problems and solutions for these concerns? What could happen to the U.S. labor markets if immigration is not controlled?
Demand and Supply curves. The following relations explain demand and supply conditions in the wheat industry:
Suppose initially that the demand supply for premium coffees is in equilibrium. Now suppose Starbucks introduces the world premium blends, demand increase substantially.
Sometimes market activities have unintended positive or negative effects outside the market scope called externalities. As a rule maker concerned with correcting effects of gases
If Mary has signed a lease for a shop with 1,000 square feet, if she is not able to get out of the lease or to expand her store in the short run, and if the price of a bouquet is $3 per unit, how many bouquets per month should she sell in the short r..
Cockatoos are drugged and smuggled in suitcases to the United States. Half of the smuggled cockatoos die in transit. Each smuggled cockatoo has a 10% probability of being discovered, in which case the smuggler is fined.
"Suppose Y = $200, C = $140, G = $25, x-m = -5, and T = $25. What is Sp? What is I?" Here is the answer:Yd = Y - T | C + Sp = Y - T | Sp = Y - T - C,Sp = Y - C - T = 200 - 25 - 140 = $35,I = Sp + (T - G) + (x-m) = $35 I = $35 + 0 - 5 = $30
The article must be representative of the economic issues represented by the topics or focus. The article review must include a brief summary of the facts in the article using economic terms.
Suppose it costs each person $20 a day to fish and that fish sell for $10 each at the market. At the social optimum, how much would it hurt all the other fishermen (combined) if one more person started fishing?
Find and graph the contract curve and what is the ratio of the price of X to the pride Y in competitive equilibrium?
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