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1. Why should someone study economics? Explain how the knowledge of economics benefits an earner, a consumer and a citizen.
2. A wealthy relative has given you a surprise graduation gift, 1,000. Choose from among the various investment options below and explain why you picked that one in order to provide you with both safety and a decent rate of return for a long- term investment.
a) Savings Account
b) Checking Account
c) Certificate of Deposit
d) Corporate Stocks
e) Mutual Funds
f) Bonds
Suppose someone's utility function takes the form: U = XY Also suppose that this person has an income (I) of $100, and the price of good X is $5 and the price of good Y is $10. How would you algebraically describe this person's budget constraint? If ..
A man pays $160 a year for a life insurance policy with a coverage of $145,000 payable to his survivor upon his death. The probability that he will live through the year is 0.9992. Supply the probability table for this problem. (In this case the outc..
There are only two consumers: Bill and Ted, and two goods: apples and bananas. Bill and Ted like apples and oranges. Bill is always willing to subsitute 1 apple for 3 bananas. Construct an appopriately sized Edgeworth box for them. s the initial allo..
Account for the reason why Europeans, who were fewer in number, were able to conquer, and control other areas of the world which were geographically larger, and socially well organized. Can a connection be made between the foregoing and the arrival o..
An economist estimated that the cost function of a single-product firm is: C(Q) = 60 + 25Q + 15Q2 + 10Q3. Based on this information, determine the following: The fixed cost of producing 10 units of output. $ The variable cost of producing 10 units of..
If two goods are supplements, their cross price elasticity will be:
The FOMC is scheduled to meet on December 13-14 and it is anticipated that they will raise the federal funds rate. Explain what the federal rate is. Illustrate, using the theory of liquidity preference model, the impact of the fed’s anticipated polic..
q1. you buy a season pass to the philharmonic symphony hall. you paid 250 for five performances. what is the money cost
We observe that the equilibrium price of turkey meatball rises but the equilibrium quantity of beef meatball drops. Assume that turkey meatball and beef meatball are substitutes. Also note that turkey and turkey meatball are two different objects.
In competitive markets, a surplus or shortage will cause:
It would have to pay science teachers $90,000 to hire good science teachers. If one out of five teachers is a science teacher, what is the marginal expense of getting a good science teacher instead of a poor one?
Alexander and Vanessa Alexander and Vanessa benefit from scientific research. Alexander's marginal private benefit from such research is given by the equation P = 200 – Q, where Q refers to the amount of research undertaken and P is the price Alexand..
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