Q & A - Economics

Q & A

• Suppose that a vaccine is developed for a highly contagious strain of flu The likelihood that anyone will get this flu decreases as more people receive the vaccine Private incentives will lead Suppose that a vaccine is developed for a highly contagious strain of flu. The likelihood that anyone will get this flu decreases as more people receive the vaccine.a. Pr...
• Firm A and Firm B are two of the largest producers of a special pool-cleaning robot Suppose that the marginal cost of making such a robot is constant at $1500 per unit and there is no start-up cost Firm A and Firm B are two of the largest producers of a special pool-cleaning robot. Suppose that the marginal cost of making such a robot is constant at $1,500 per unit ...
• A consumer has utility function U X,Y XYwhich she maximizes subject to the budget constraint pxX pyY M Find the ordinary demand function for good Y Suppose a new constraint is now imposed such A consumer has utility function U(X,Y)=XYwhich she maximizes subject to the budget constraint pxXpyY=M. (a) Find the ordinary demand function for good Y. Suppose a new co...
• What are the key points in short run production functions that delineate the three stages of production?Explain the relationship between the law of diminishing return and three stages of production What are the key points in short run production functions that delineate the three stages of production?Explain the relationship between the law of diminishing return and...
• What is the downside of the equimarginal approach 1. What is the downside of the equimarginal approach?
• Healthcare Costs Growth in national health spending closely tracked growth in nominal gross domestic product GDP in 2010 and 2011 and health spending as a share of GDP remained stable from Healthcare Costs Growth in national health spending closely tracked growth in nominal gross domestic product (GDP) in 2010 and 2011, and health spending as a share of GDP...
• Questions on this case study Why do input costs vary between utilities How does this effect production efficiency If each plant is assumed to be a profit head then does operational efficiency Questions on this case study: Why do input costs vary between utilities? How does this effect production efficiency? If each plant is assumed to be a profit head, then do...
• using ordinal utility approach derive the demand curve of an inferior good using ordinal utility approach, derive the demand curve of an inferior good
• Module 3 Background Demand Utility and Marginality We will examine the labor market in this module. The demand and supply curves determine the wage and quantity of labor in each market Module 3 - BackgroundDemand: Utility and MarginalityWe will examine the labor market in this module. The demand and supply curves determine the wage and quantity of labor...
• In what ways could a monopoly be more efficient less efficient than several firms competing against each other Discuss this statement with the use of appropriate diagrams In what ways could a monopoly be (a) more efficient (b) less efficient than several firms competing against each other? Discuss this statement with the use of appropriate diagrams.
• What happens to the probability that a particular person works when the wage rises Does such a wage increase generate an income effect Why do welfare programs create work disincentives 1. What happens to the probability that a particular person works when the wage rises? Does such a wage increase generate an income effect?2. Why do welfare programs crea...
• Discuss how the present value of a future income payment is calculated Discuss how the wage-schooling locus is determined in the labor market and 1. Discuss how the present value of a future income payment is calculated.2. Discuss how the wage-schooling locus is determined in the labor market, and why it is upward ...
• Discuss how the present value of a future income payment is calculated Discuss how the wage-schooling locus is determined in the labor market and why it is upward 1. Discuss how the present value of a future income payment is calculated.2. Discuss how the wage-schooling locus is determined in the labor market, and why it is upward ...
• Discuss how the present value of a future income payment is calculated Discuss how the wage-schooling locus is determined in the labor market and why it is upward sloping and concave 1. Discuss how the present value of a future income payment is calculated.2. Discuss how the wage-schooling locus is determined in the labor market, and why it is upward ...
• Discuss the implications of equilibrium for a competitive economy containing many regional markets when labor and firms are free to enter and exit the various markets 1. Discuss the implications of equilibrium for a competitive economy containing many regional markets when labor and firms are free to enter and exit the various markets....
• Discuss the implications of equilibrium for a competitive economy containing many regional markets when labor and firms are free to enter and exit the various markets Why is the resulting 1. Discuss the implications of equilibrium for a competitive economy containing many regional markets when labor and firms are free to enter and exit the various markets....
• Evaluate the validity of the following claim The increasing wage gap between highly educated and less-educated workers will itself generate shifts in the U.S. labor market over the next decade 1. Evaluate the validity of the following claim: The increasing wage gap between highly educated and less-educated workers will itself generate shifts in the U.S. labor m...
• Determine the FW of the following engineering project when the MARR is 15% per year Is the project acceptable Proposal A Investment cost Determine the FW of the following engineering project when the MARR is 15% per year. Is the project acceptable? Proposal A Investment cost ..................................
• Respond to the following in a minimum of 175 words Discuss at least two self-interested reasons that a top earner might favor policies to redistribute income Discuss why the supply curve of Respond to the following in a minimum of 175 words:· Discuss at least two self-interested reasons that a top earner might favor policies to redistribute income.Discuss wh...
• Why is a firm"s demand for labor curve more inelastic when the firm has monopoly power in the output market than when the firm is producing competitively 1. Why is a firm"s demand for labor curve more inelastic when the firm has monopoly power in the output market than when the firm is producing competitively?2. Why might ...
• Suppose that two identical firms produce widgets and that they are the only firms in the market Their costs are given by Suppose that two identical firms produce widgets and that they are the only firms in the market.  Their costs are given by C1 = 60Q1 and C2 = 60Q2, where Q1 is the output...
• This will be the foundation for future discussions by your classmates Be substantive and clear and use examples to reinforce your ideas In your own community what remnants of previous cultures This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas:In your own community, what remn...
• The focus of the short run is primarily on production investment plant size economies of scale The production function A shows the maximum level of output for a given set of The focus of the short run is primarily onA) production. B) investment. C) plant size. D) economies of scale.2. The production functionA) shows the maximum level of ou...
• If an increase in the price of good X causes the demand curve for product Y to shift to the right then X and Y are most likely to be which of the following Shoes and lacesTennis balls and If an increase in the price of good X causes the demand curve for product Y to shift to the right, then X and Y are most likely to be which of the following? A)Shoes and ...
• Why is a firm"s demand for labor curve more inelastic when the firm has monopoly power in the output market than when the firm is producing competitively Why might a labor supply curve be back 1. Why is a firm"s demand for labor curve more inelastic when the firm has monopoly power in the output market than when the firm is producing competitively?2. Why might ...
• It has been shown that the Trans log cost function is a local second-order approximation to an arbitrary cost function It is given implicitly by the linear-in-logs form It has been shown that the Trans log cost function is a (local) second-order approximation to an arbitrary cost function. It is given implicitly by the linear-in-logs for...
• In a famous article J Viner Cost Curves and Supply Curves Zeitschrift fur Nationalokonomie3 September 1931 23 46 Viner criticized his draftsman who could not draw a family of SAC curves who In a famous article [J. Viner, “Cost Curves and Supply Curves,” Zeitschrift fur Nationalokonomie3 (September 1931): 23–46], Viner criticized his draftsman who could not d...
• In the context of our analysis of the Edge worth production box suppose that a new invention changes a constant-returns-to-scale food production process into one that exhibits sharply increasing 1. In the context of our analysis of the Edge worth production box, suppose that a new invention changes a constant-returns-to-scale food production process into one that...
• Suppose goldand silver are substitutes for each other because both serve as hedges against inflation Suppose also that the supplies of both are fixed in the short run Suppose gold (G)and silver (5) are substitutes for each other because both serve as hedges against inflation. Suppose also that the supplies of both are fixed in the shor...
• Do you agree or disagree with each of the following statements Explain If it is possible to exchange 3 pounds of cheese for 2 bottles of wine then the price of cheese is 2/3 the price of wine Do you agree or disagree with each of the following statements? Explain.a. If it is possible to exchange 3 pounds of cheese for 2 bottles of wine, then the price of chees...
• A firm uses a single plant with costs C 16Q 1Q2 and faces the price equation P 96 4Q Find the firm’s profit-maximizing price and quantity What is the profit The firm’s production A firm uses a single plant with costs C= 160 16Q .1Q2 and faces the price equation P= 96 – .4Q. a) Find the firm’s profit-maximizing price and quantity. What is the profi...
• the government subsidize education to internalize the externality Explain the argument for the subsidy Just because a positive externality exists does not mean that a subsidy will be efficient `the government subsidize education to internalize the externality. Explain the argument for the subsidy. Just because a positive externality exists does not mean that a ...
• Do you agree with the following statements Why or why not The benefits of Pigovian taxes as a way to reduce pollution have to be weighed against the  Do you agree with the following statements? Why or why not? a. “The benefits of Pigovian taxes as a way to reduce pollution have to be weighed against the deadweight los...
• It's the amount a buyer is willing to pay for a commodity minus the actual amount the buyer pays Its the amount a buyer is willing to pay for a commodity, minus the actual amount the buyer pays.
• explain pricing policies methods cost plus pricing going rate pricing rate of return pricing explain pricing policies methods cost plus pricing going rate pricing rate of return pricing
• Identify the economic benefits of globalization What are the issues and concerns associated with Globalization Do some countries benefit more than others Why Provide Examples Identify the economic benefits of globalization (4)What are the issues and concerns associated with Globalization? Do some countries benefit more than others? Why?(Provid...
• discuss the difference between order winners and order qualifers how does this relate to the job of the discuss the difference between order winners and order qualifers. how does this relate to the job of the operations manager? >
• Why is it important for managers to appraise subordinates’ performance Provide three reasons for performance appraisals Why is it important for managers to appraise subordinates’ performance? Provide three reasons for performance appraisals.
• This question requires you to solve a supply-and-demand model algebraically Letting p be the price of the product suppose the demand and supply functions for some product are given by This question requires you to solve a supply-and-demand model algebraically. Letting p be the price of the product, suppose the demand and supply functions for some pro...
• The house painting industry is highly competitive on both the input and output sides The marginal product of labor faced by a typical firm in the industry is given by The house painting industry is highly competitive on both the input and output sides. The marginal product of labor faced by a typical firm in the industry is given by MP...
• A single firm produces widgets with a cost function and inverse demand function as follows Calculate the monopolist’s profit-maximizing price quantity and  A single firm produces widgets, with a cost function and inverse demand function as follows, C(q) = 150 2q P(Qd) = 10 - 0.08Qd (a) Calculate the monopolist’s profit-max...
• What are the major distinctions between a monopolistically competitive industry and an oligopolistic industry What is the difference between a price taker and a price setter Which do you think 1. What are the major distinctions between a monopolistically competitive industry and an oligopolistic industry?2. What is the difference between a price taker and a pri...
• Briefly describe monopolistic competition its characteristics and reasons why firms attain profit in theses competition by giving suitable visuals Briefly describe monopolistic competition, its characteristics, and reasons why firms attain profit in theses competition by giving suitable visuals.
• While firms in both the perfectly competitive structure and the monopolistically competitive structure earn zero economic profit in the long run it can be said that perfect competition is a more While firms in both the perfectly competitive structure and the monopolistically competitive structure earn zero economic profit in the long run, it can be said that perf...
• Suppose the market for tennis shoes has one dominant firm and five fringe firms The market demand is Q 400-2P The dominant firm has a constant marginal cost of 20 The fringe firms each have Suppose the market for tennis shoes has one dominant firm and five fringe firms.  The market demand is Q=400-2P.  The dominant firm has a constant marginal cost of 20. Th...
• The dominant firm model can help us understand the behavior of some cartels Let’s apply this model to the OPEC oil cartel We shall use isoelastic curves to describe world demand W and noncartel The dominant firm model can help us understand the behavior of some cartels.  Let’s apply this model to the OPEC oil cartel.  We shall use isoelastic curves to describe w...
• Two firms produce luxury sheepskin auto seat covers Western Where WW and BBB Sheep BBBS Each firm has a cost function given by Two firms produce luxury sheepskin auto seat covers, Western Where (WW) and B.B.B. Sheep (BBBS).  Each firm has a cost function given by:C q30q  1.5q2The market demand fo...
• Explain how economics shows that asymmetric information can lead to adverse selection in the purchase of health insurance nad to what extent actual behavior proves to be optimal Explain how economics Explain how economics shows that asymmetric information can lead to adverse selection in the purchase of health insurance nad to what extent actual behavior proves to be optimal.
• Economists believe that the current values of the deposit multiplier and the money multiplier are widely divergent Why might these values differ at present What if anything do you think must Economists believe that the current values of the deposit multiplier and the money multiplier are widely divergent. Why might these values differ at present? What (if any...
• If people behave in ways that they believe are in their self-interest how would you explain the following Mother Theresa devoted her entire life to living in the worst slums of Asia If people behave in ways that they believe are in their self-interest, how would you explain the following?Mother Theresa devoted her entire life to living in the worst s...