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Determine and explain which basic economic problem: of what, how and for whom apply to the following the economic decision. Should the company makes its own spare parts or buy them from an outside ven
what is the drawback of using a nominal anchor? what is the growth rate of the money supply of this economy? if you chose to adapt a money supply target.
What characteristics of extended problem solving are involved in a computer purchase? How might the free xbox offer influence a consumer's mental accounting and perceived risk?
Explain the cost curves of the firm. In terms of economies of scale, why would a firm sometimes want to expand output and sometimes not want to expand output?
What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitutes one product for another? Use examples to illustrate.
The marginal cost of providing a hospital room is $150 per day. If David's only illness this year results in an appendectomy, how many days will he choose to stay in the hospital?
China and America can each produce 100 million shirts a year. Who has the absolute advantage in each good? What is the opportunity cost for each country for computers?
How well this price maximizes profit for the company and determine what shifts the company should made in its pricing strategy. Provide support for your recommendations.
10% of executives could speak a foreign language. what is the probablitty that an executive who has traveled internationally speaks a foreign language fluently?
What is the present value of the country's resources? What is the maximum that the country could consume in the current year if it were willing to never consume again?
What are the firm's break-even output and price? Assuming that the market price is $84, what are the firm's output, producer surplus and profit? What is the firm's supply function?
Discuss the pros and cons of annuities when compared with other financial instruments and whether they provide a better investment opportunity for some people.
Leads to relatively high interest rates in the United States, what happens to the demand and supply of foreign currency and the dollar's exchange value?
Thus, LoJack provides both private benefits and positive externalities. Should the government consider subsidizing LoJack purchases? Why
The following outline provides a complete description of all economic activity in Trivialand for 2003. Compute GDP using both the expenditure approach and the factor payment approach.
How would this event affect the money supply? (2) What sort of defensive open market operation would the Fed undertake in response? Mardi Gras celebrations lead people to carry more cash.
the rolls contained all Canadian pennies: the rest all had at least one American penny. Altogether in the 200 rolls, about how many American pennies are there? What is the median number of American
Calculate Max's marginal utility from windsurfing at each number of hours per day. Does Max's marginal utility from windsurfing obey the principle of diminishing marginal utility?
Explain the concept of diminishing marginal utility. Since all goods are scarce, does diminishing marginal utility contradict the statement that individuals always want more of all goods?
If typographical errors occur randomly, about how many pages in the book have three typographical errors? What is the median number of typographical errors per page?
At what level of income does savings equal zero? If this economy's disposable income were $4,000, what would be its consumption and savings?
What happens to the terms of trade? What about welfare in the two countries? Suppose, on the other hand, that the second country retaliates with an export subsidy of its own.
If the Fed raises the reserve requirement to 5% and at the same time buys $50b dollars of bonds, then by how much does the money supply change?
Since these are the costs associated with each t-shirt. Finally, use the full-cost supply curve and the demand curve to find the efficient price and quantity. Show these on your diagram.
You are operating a firm in a perfectly competitive market. In the short run, you have fixed costs of $30. Your variable costs are given in the following table: