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The cross-price elasticity of demand between your good and a related good is -3.5. What can you determine about consumer demand for your product from this information.
Determine the point price and income elasticities for household furniture. What interpretation would you give to the exponent for R.
To increase market share, Giuseppe would like to increase sales to 750 per week. What price should Giuseppe set.
Why would a country such as the United States, which can presumably produce everything it needs itself, choose to trade with other nations.
The firm receives $5 for each car washed, and the hourly wage rate for each person employed is $4.5. Assume that other costs are negligible. How many people should be employed to maximize profit.
What are the determinants of supply. How is the supply curve impacted by changes in determinants. What is the difference between a change in supply and a change in the quantity supplied and what ar
Provide an example from your professional life of one of Mankiw's ten principles of economics. Briefly explain and discuss your example.
Discuss the current economic situation in the U.S. as compared to five (5) years ago. Include interest rates, inflation, and unemployment rate in your explanation.
Why is it important for a policy maker to understand the difference between the Classical theory and Keynesian Theory of Economics.
If an owner of a company wanted to make a trip for non-business use and their lost wages was not tax-deductible, how could they justify making their decision whether to go or not.
Calculate the total change in a year GDP. A family sells a home, without using a broker, for $150,000. They could have rented it on the open market for $700 per month.
What if the government instead decided to mandate that drivers working more than eight hours a day be paid overtime pay of $2/hour, in addition to their initial pay.
Assume you tested svereral Firestone tires and recorded their failure times (as defined by an engineer). After doing a Chi-Square test ,you decided that failures are normally distributed.
Assume you have a product with reliability of .90 at 1000 hours .Your customer wants a reliability of .99 . Explain what you can do, if the best technology was used to produce the components of the
How would either decision change if the government imposed a 20% tax on earnings and interest income. What would happen if the government exempted interest income.
For what ages will workers be paid above their VMP. Show whether this firm opposes legislation prohibiting mandatory retirement for workers under 65.
What is the impact of these ratios on the level of new money that can be created given a $100,000 cash deposit into the banking system.
Does the transaction of a buyer and seller directly affect a third party. Is the effect a negative or positive externality. Please explain.
How is it that WalMart was able to find success in the discount retailer industry. Competition seems to be so fierce among the giant retailers, after discounting and lower profit margins, how is pr
Suppose that the gov't regulated the workplace and required all jobs to have a risk factor of 1/5 (that is all jobs become Job 1) What wage would the worker now need to earn in the Job 1 to be equal
write out the equation used to evaluate the net benefit of a college education, for discount rate r. What is the internal rate of return for the college investment that this person faces.
Suppose that Japanese and U.S automakers produce on identical isoquats and that wages are higher in Japan than in the United States. Do autoworkers in Japan have a higher marginal product than Amer
If investment tax credits granted earlier are either repealed or eliminated, what impact will the repeal have on the exporting of jobs to foreign countries. Explain using isoquant/isocost theory.
Doesn't economic growth, and the innovation that generates it, produce more and more substitutes or new discoveries of reserves for what is being depleted. How do oil reserves look, compared to what
Briefly comment on the current issue of "exporting jobs". Does economic theory offer any advice about this issue (exporting jobs).