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Specialization Provide some examples of specialized markets or retail outlets. What makes the Web so conducive to specialization?
Which country has a comparative advantage in producing wheat? In producing cloth? Which country should specialize in producing wheat? In producing cloth?
If you go to Florida, the airfare, hotel, food, and miscellaneous expenses will total about $700. What's your opportunity cost of going to Florida?
What kinds of changes in underlying conditions can cause the supply curve to shift? Give some examples and explain the direction in which the curve shifts.
Supply What is the law of supply? What is the relationship between the law of supply and the supply curve?
What variables influence the demand for a normal good? Explain why a reduction in the price of a normal good does not increase the demand for that good.
Law of Demand What is the law of demand? Give two examples of how you have observed the law of demand. How is the law of demand related to the demand curve?
Find resources that are no more than three years old that describe tax rates in two foreign countries. Write an analysis of these tax rates in your own words.
Is the tax rate progressive, proportional, or regressive? What percentage of income is paid in taxes at each level?
How much would the firm's profit increase compared with the uniform profit-maximizing price you found in (a)?
What is its total revenue? It costs the firm $80 to produce a unit. With the given sales volume, what profit, if any, is the firm making?
In addition, two trees had been removed from the back yard. Discuss Billy's legal rights.
How do you think this measure affected the U.S. production possibilities frontier? Do you think all industries were affected equally?
Production Possibilities Under what conditions would an economy be operating inside its PPF? On its PPF? Outside its PPF?
Choose one of the resources and write a summary in your own words. Especially emphasize how the resource is an example of microeconomics or macroeconomics.
Does this mean that making uninformed decisions is irrational? How do you determine how much information is the right amount?
Marginal Analysis The owner of a small pizzeria is deciding. What considerations must be taken into account if such a decision is to increase profi tability?
Rational Self-Interest If behavior is governed by rational self-interest, why do people make charitable contributions of time and money?
Micro Versus Macro Some economists believe that to really understand macroeconomics. How does microeconomics relate to macroeconomics?
Economic Decision Makers Which group of economic decision makers plays the leading role in the economic system? Which groups play supporting roles?
Definition of Economics What determines whether or not a resource is scarce? Why is the concept of scarcity important to the definition of economics?
If the person were to buy 10 apples, how many bananas could be bought with the funds left over?
Determine the maximum insurance premium that the individual is prepared to pay.
Given that the Arrow-Pratt measure of absolute risk-aversion is a constant, derive the corresponding form of the von Neumann-Morgenstern utility function.
Is she buying the utility-maximizing combination of bread and milk? If not, how should she reallocate her expenditures between the two goods?