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What is the concept of sustainable income? Can you describe in your own words. Can you give an example of what this number may look like by using the income statement of a real-life company?
Assume these prices remain unchanged between 2001 and 2006. Calculate the U.S. dollar price of a hotel room in Brazil and in Mexico for June 2001.
Calculate marginal utilities. What combination of the two should he produce (acquire with his income) to maximize utility?
Use the plotting tool to place an orange square at the point on the total cost curve that corresponds to average variable cost = $10. (Hint: This is the lowest value of average variable cost for Mam
Suppose that a firm is currently employing 10 workers, the only variable input, at a wage rate of $100. The average physical product of labor is 25, the last worker added 10 units to total output, a
Based on the estimated demand equation we can conclude: The demand for video recorders are neither inferior nor inelastic and video recorder film is not a substitute for video recorders.
The U.S. Postal Service is facing increased competition from firms providing overnight delivery of packages and letters. Additional competition has emerged because messages can be sent via computer
In 2008, India experienced a surge inflation exceeding 11 percent, large government deficits. Distinguish between the crowding-out effect and the Ricardo-Barro effect. How are the two effects related?
Describe the basic way that the modern banking industry work(namely, fractional reserve banking). What impact can this type of banking system have on the supply of money and possibly on inflstion an
Suppose A's WTP is 20 and B's is 40. Ties are broken by coin flip and assume they are risk neutral. Consider the first price auction. Write down the payoff matrix and find all Nash equilibrium.
Raise wages than do industrial unions (automobile workers, steel workers, etc.) How would you explain this phenomenon in terms of demand elasticity?
What is the average fixed cost of producing 4 units of output? What is the marginal cost of producing the third unit of output? At what level of output does the firm encounter diminishing marginal ret
Discuss the common allegation that when all firms in an industry are charging the same price, this indicates the absence of competition and the presence of someform of price-setting agreement
At the beginning of the course we asked the question, "Why are some countries rich and other countries poor?" Write a 1-2 page answer to this question now that you have finished the course.
The loss to consumers can be decomposed into three pieces: a transfer to domestic producers, a transfer to the government, and a deadweight loss. Use your diagram to identify these three pieces.
Suppose that the discovery of cold fusion implies that the productivity of each worker in the economy doubles. This would cause the
The Grand Movie Theater has one box office clerk, M/G/1. On average, each customer that comes to see a movie can be sold its ticket at the rate of 6 per minute. For the theater's normal offerings o
The demand for or a good is given by the following inverse demand function: P = 110 - 3Q. The supply curve of the same good is given by P = 10 + Q. What is the price that sellers receive after a tax
What is the value of the nominal money supply? (iii)What are the nominal values of deposits, currency, and reserves? (iv)What is the value of the real interest rate in long-run equilibrium?
How does self-interest help achieve society's economic goals? Why is there such a wide variety of desired goods and services in a market system? In what way
Discuss the various phases of business cycle: Are cyclical fluctuations necessary for economic growth?
What are the different methods of measuring national income? Which methods have been followed in India? What do you understand by the investment multiplier? In what way does it defend the policy of
If your uncle is maximizing his profit, what is the value of the marginal product of the last worker he hired? What is that worker's marginal product?
In the short run, finding the optimal amount of variable input involves which relationship?