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Can this trend be explained by the operation of supply and demand in the local labor markets? How might things differ if students formed a union?
Use this graph to show that capital formation increases labor productivity. Explain in words why labor is more productive when the capital stock is larger.
If anyone is free to challenge the patent so that there is free entry into the litigation process, how much will end up being spent in the legal battles?
How may that change affect the efficient allocation of resources between tea and coffee? How would the prices of coffee and tea react in a free market?
Give some examples of goods whose production causes detrimental externalities and some examples of goods whose production creates beneficial externalities.
Think about the goods and services that your local government provides. Which are public goods as economists use the term?
Why services of a lighthouse are sometimes used as an example of a public good. Explain why education is not a very satisfactory example of a public good.
How much clothing did they own? What were their living quarters like? What share of their budget was available for vacations and entertainment?
Why firms in an industry that spends a large amount of money on advertising may feel locked into their current advertising budgets, with no one firm daring.
How much do you think Grey got for Alexander's effort and expenditure on development of the invention?
If average economic profits from investment in innovation are close to zero, why would many people be anxious to invest in innovation?
What are the possible advantages to the general welfare when firms make their technology automatically available to others?
What would you expect to be the monthly charge for the first and second machines if the services of third machine can be hired at a price of $9,000 per month?
What sorts of pollution problems would you expect in a small African village? In a city in India? In the People's Republic of China? In New York City?
Discuss some valid and some invalid objections to letting rising prices eliminate shortages of supplies of scarce resources.
Which good would be heavily taxed if Taxmanians cared mostly about efficiency? What if they cared mostly about vertical equity?
Think of some tax that you personally pay. What steps have you taken or could you take to reduce your tax payments? Is there an excess burden on you?
Discuss President Reagan's statement on taxes quoted on the first page of this chapter. Do you agree with him?
What is different about demand characteristics for the same product at the same location but at different times on different days of the week?
Distinguish between investment and capital. Explain the difference between an invention and an innovation. Give an example of each.
Why does it not pay the firm to quit while it is ahead, buying so small a quantity of the input that the input's MRP remains greater than its price?
If you have a contract under which you will be paid $10,000 two years from now, why do you become richer if the rate of interest falls?
Prepare an 875-word research paper as part of a marketing research committee for your organization about current microeconomic thought and theory.
Your task for the Term Paper is to analyze the issue described in the article using the economic concepts and theory learned in this class.
How does an open league with relegation work? (Association football in Europe is often structured like this.)