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Visit Federal Reserve Bank of St. Louis FRED Database. Locate latest budget figure. What does this figure indicate about government revenues and expenditures?
Find MC, AC, and AVC and sketch them on a graph. At what range of prices will the firm supply zero output? Identify the firm's supply curve on your graph.
What fixed costs does the production of this product mostly likely include? What variable costs does the production include?
Write down Dougie's von Neuman-Morgenstern utility function. Is Dougie risk-loving? Show your calculations. How much insurance will he buy?
How would one of the N firms exercise market power? What would determine if any of the N firms could exercise market power in oil transportation?
Kenyas interest rates are at 6% and have attract foreign investors over years. Which global institution can Kenya reach out to for loan to cover budget deficit?
Set up a decision tree and find the equilibrium. What is the relevance of Fred only visiting the restaurant one time?
The moves in the game are as follows. First, the Congress decides whether or not to pass a bill. Draw a tree and determine the equilibrium result.
Explain what you understand by the following assertion (tell a story): the children will behave the way we would predict based on our equilibrium outcome.
Now that she withdrew those funds, she is no longer earning that interest income. Is that an example of an explicit cost or an implicit cost? Explain.
How long is your commute to work everyday? What other cost do you think the traffic jams in Houston have cost in the overall economy?
We have two goods, Piattos (x-good) and Tortillos (v-good). Graphically show what happer's to consumer equilibrium when the price of Tortillos increases.
Suppose Bella has $1000 to spend on watches and/or bracelets. Watches cost $30 each and bracelets cost. What is the opportunity cost of buying 1 bracelet?
On the way to my mother's house for Thanksgiving dinner, my wife was on her phone. How might game theory offer an explanation for this unexpected behavior?
Consider market for cherries. The market demand curve for cherries is given by: Qd = 577 - 10P What is the quantity exchanged in competitive market equilibrium?
Considering all the information, should the city planner allow the theater? Should they consider subsidizing the activity or placing a tax on the tickets?
One finding is that the theater will create more traffic in the neighborhood. They estimate the cost of extra traffic to be $1 per ticket.
Explain which types of market inefficiencies derive from monopolies. Describe the types of inefficiencies that derive from monopolistic competition.
What kinds of market inefficiencies are caused by monopolies? List the several kinds of inefficiencies brought on by monopolistic competition.
Identify the profit maximization point for monopolist. What are price and quantities that will maximize profit? What is the total profit received at point?
Identify and explain two factors that have caused a shift in the supply curve. Illustrate the impact on the market using supply and demand curves.
What type of market structure do you think Car Today belongs to? Draw a graph for Car Today that shows the firm carrying out perfect price discrimination.
What happens to her marginal utility for each good when she changes her consumption choice (do they increase or decrease)?
Who can better price discriminate Westside Market (our neighborhood grocery store at 110) or the vendor in this picture?
Draw each consumer's indifference curve that runs through the initial endowments. Is this initial endowment Pareto Efficient?