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Describe the used-car market in the United States. How many used cars get traded per year and at what average price?
What are HMOs and what information problems do they help to deal with? What are the problems that Medicare and Medicaid address and what problems do they cause?
What is the cost of health care in United States compared to that in Canada and major European countries? Do health outcomes correlate with health-care costs?
President Obama campaigned on health-care reform plan that did not include health insurance. What obstacles to efficiency does optional health insurance create?
At the end of one year, Joe was offered $500 for his business and all its equipment. Calculate Joe's annual explicit costs, implicit costs, and economic profit.
What would happen to the relative price of food and haircuts and how would you change your purchases of food and haircuts? Which tax would you prefer?
Draw a graph to illustrate the change in the budget line and the change in the best affordable point for a consumer who buys fewer lattes a week.
Draw a preference map to illustrate a holiday traveler's preferences, a budget line for gasoline and nights in roadside hotels in 2010.
Explain why Gap is reducing the size of its stores. Is Gap making a long-run decision or a short-run decision? Is Gap taking advantage of economies of scale?
At the end of the year, Sonya was offered $1,600 for her cash register. Calculate Sonya's explicit costs, implicit costs, and economic profit.
Construct Yolanda's marginal product and average product schedules. Over what range of workers does Yolanda's experience increasing marginal returns?
Joe's Diner is always packed in the evening but rarely has a customer at lunchtime. Why doesn't Joe's Diner close-temporarily shut down-at lunchtime?
Look at the list to the right. In what type of market is each of the goods and services in the list sold? Explain your answers.
explain how the increase in demand for maple syrup, other things remaining the same, affects the maple syrup market and an individual producer in the short run.
Explain how the drop in the Canadian supply, other things remaining the same, affects the maple syrup market and an individual producer in the short run.
Draw a graph to describe the maple syrup market and the cost and revenue of one firm in 2007, assuming that all firms are making zero economic profit.
Explain why in a perfectly competitive market, the firm is a price taker. Why can't the firm choose the price at which it sells its good?
Explain how the rising price of grain affects the average total cost and marginal cost of producing breakfast cereals.
Construct Yolanda's total variable cost and total cost schedules. Calculate Yolanda's total fixed cost.
Yolanda runs a bullfrog farm.When she employs 1 person, she produces 1,000 bullfrogs a week. At what output is Yolanda's average total cost at a minimum?
Draw graphs of the U.S. strawberry market in long-run equilibrium before the pollution crackdown: one of the U.S. market and one of a California grower.
California plans to crack down on the use of fumigants by growers of strawberries. On the graph, show the long-run effects of the pollution crackdown.
If the new charges cut commute times, would the Toronto road system be more efficient? Explain your answers.
With no government involvement in college education, how many students enroll, what is the tuition, and what is the deadweight loss created?
What is the outcome if they meet at Tom's home? What is the outcome if they meet at Larry's home?