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For savers how will income effect of a higher interest rate affect current saving? How will substitution effect of a higher interest rate affect current saving?
How does a choice to consume in the present determine the amount of consumption in the future?
Using supply and demand diagrams, illustrate how this change would affect the gap between the wages of workers with and those without college educations.
Use your supply and demand diagrams to illustrate what happens to the wage gap between the two types of workers.
What happens to total revenue as the price increases? What if the demand for a product is very inelastic? What if it is very elastic?
What is meant by the elasticity of demand and the elasticity of supply? Why do economists find these concepts useful?
If the supply of apartments is fixed at 1,200 units, what is the equilibrium price before the subsidy? What is the equilibrium price after the subsidy?
The higher cost of grain led many ranchers to slaughter their cattle earlier. What do you think happened to the price of beef in the short run?
Many advanced industrialized countries subsidize farmers. Why might less-developed countries be unhappy with such policies?
In 2001, Europeans became very concerned about what is called mad cow disease. What does this do to the supply curve of beef? to the equilibrium price of beef?
edict how this increase in the number of workers is likely to affect the equilibrium wage and quantity of employment.
Predict how this change has affected the equilibrium price and quantity in market for beef, market for chicken, and the market for roadside hamburger stands.
How this will affect the equilibrium price and quantity in market for sugar and the market for honey. Draw supply and demand diagrams to illustrate your answer.
Explain why, if the price of the good is below the equilibrium price, the market will tend to adjust toward equilibrium.
Why does an individual's demand curve normally slope down? Why does a market demand curve normally slope down?
Bob likes to divide his recreational time between going to movies and listening to compact discs. Draw his budget constraint line. What is his opportunity set?
Why does the aggregate demand curve slope down? Give real-world examples of the three effects that explain the slope of the curve.
Why is the opportunity cost of going to medical school likely to be greater than the opportunity cost of going to college?
Define each of the six indicator for starbucks (interest rate, housing starts, auto sales, foreign exchange rate, producer price index, and oil and fuel prices)
The topics of macroeconomics--inflation, unemployment, interest rates, and exchange rates--are the subject of newspaper headlines & television stories everyday.
Why are short-run average cost curves frequently U-shaped? What is relationship between average and marginal costs? What does the total cost curve look like?
What are the relationships between these costs? What are short-run and long-run costs? What is the relationship between them?
Explain whether you agree or disagree with following. a) A nation's currency will depreciate if its inflation rate is less than that of its trading partners.
What is meant by these various concepts of cost: total, average, average variable, marginal, and fixed? What are the relationships between these costs?
What is a production function? When there is a single (variable) input, why does output normally increase less than in proportion to input?