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What are the necessary conditions for a perfectly competitive market to exist? Why do competitive firms earn zero economic profit in the long run?
How much do monopolies charge, and how much do they produce? What are the problems with monopoly? What are monopolistic competition and oligopoly?
If a one-day pass costs $40 but the two-day pass costs $50, what is the average cost for the two-day pass? What is the marginal cost of the two-day pass?
What role does diminishing marginal product play in determining the ideal mix of labor and capital a firm should use?
How do profits and loss act as signals that guide producers to use resources to make what society wants most? What is equation used to calculate firm's profit?
Do you think this plan will work to raise the response rate on teaching evaluations? What would traditional economic theory predict?
If Danny Ocean plays roulette and wins big, is Danny risk averse or a risk taker? Explain.
You decide to take the $40,000 job. On the basis of this decision, can we tell if you are risk averse or a risk taker? Explain your response.
How is game theory relevant to oligopoly? Does it help to explain monopoly? Give reasons for your response. What is a Nash equilibrium?
How does the status quo bias reduce the potential benefits that consumers might enjoy as the result of a change?
Create an economic model modeled after the expectancy model you can use in buying a new car, the expectancy model can be helpful.
What deposit must be made each month until the man retires so that he can make annual withdrawals of $20000 in terms of today's dollars, over the 15 years.
Discuss what will happen to unemployment using both classical and Keynesian reasoning?
What is the Marginal Propensity to Consume? What is the spending multiplier? What will the effect on the Gross Domestic Product?
Why would forecasting cost and output be important and how would it serve managers in their decision making?
What is the estimation process? What is the rationale behind it and how would it be different in estimating the cost in estimating the output?
List as many cost concepts as you recall and explain each one and the purpose and justification for it.
Mark the three stages of production in the previous table based on the elasticity values.
Total revenue (TR) and total cost (TC). Marginal revenue (MR) and marginal cost (MC). Show the maximum profit and the optimal production.
What is the production function? List and explain its various types. Also, explain its significance in the managerial decision making context.
Explain the concepts of short run and long run in production. What is the significance of this type of term variability in production?
Explain the rate of returns required by each method of financing. What are implications of multiple ways of financing for firm each with its own rate of return?
Explain the purpose and basic principle of capital budgeting and how it works to serve the business?
Explain the pricing strategy for firms producing joint products and give examples of both the case of fixed proportions and the case of variable proportions.
What is the major strategy for firms on multiproduct pricing? How would a firm producing many products ensure its ultimate goal of maximizing profits?