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Write the equation for Maria's budget constraint. Let x 5 massages. Let y 5 manicures. Write the equation for her new budget constraint.
Graph Heather's budget constraint for food and entertainment. On your graph, illustrate Heather's new budget constraint for food and entertainment.
Graph Hideki's budget constraint for baseball and movie tickets. Will the quantity of movies he watches increase or decrease, or is the change uncertain?
Explain what the incentive is, who is offering it? Why do individuals or firms usually provide the goods and services people want?
Your boss decides to pair workers in teams and offer bonuses to the most productive team. Why might your boss offer team bonuses instead of individual bonuses?
Suggest a positive incentive and a negative incentive you could use to improve their productivity.
In this situation, what is your scarce resource? How do you decide how many hours to work?
In this situation, what are your wants and constraints? What does it mean to behave rationally in the face of scarcity?
Which player is likely to have higher bargaining power: a large, established company shopping around for a new parts supplier.
Describe an innovation in technology, business, or culture that had a major economic impact in your lifetime. Why do people confuse correlation with causation?
Name things that are positively correlated and things that are negatively correlated. Why is it important for a good economic model to predict cause and effect?
Describe an economic model you know. What does the model predict about cause and effect?
Describe an economic model you know. What assumptions does the model make? Are the assumptions reasonable?
Why would a good economic model be more likely to address a positive statement? Write a positive statement and a normative statement about your favorite hobby.
You just received your midterm exam results and your professor wrote the note. Why Is the second sentence positive or normative?
Do you think this market interest rate correctly reflects the lending rate for the NGO? How might you be able to obtain a more correct measurement?
Calculate the portfolio at risk ratio for 30 days and explain how this affects the security of the loan portfolio.
Explain why NGOs charge borrowers higher interest rates, on average, relative to commercial microfinance banks. Under what conditions would it be a bad thing?
Explain the potential effects of microfinance on the economics of the household. Which solves the selection bias problems discussed.
One of the most important criticisms of randomized control trials is relative weakness of their validity. What can researchers do to correct or work around it?
What creative methodology would you propose to her in order to achieve her objective?
When you ask the professor whether she would buy it now for $2 million, she says she wouldn't. Is the professor's decision making consistent?
Describe a situation from your own experience in which you are time inconsistent. What have you done to accomplish the goals of your future-oriented self?
Calculate the income-elasticity of demand for toilet paper. Is toilet paper a normal or inferior good? Is demand for toilet paper income-elastic or inelastic?
If the price of a haircut is $15, the number of haircuts provided is 100. What is the price elasticity of supply for haircuts between $15 and $30?