4. If the price of one of the products associated with indifference curves increases, all else the same, what is the result? Prices will be lower,  The individual is able to get to a lower level of utility. The individual is able to get to about the same level of utility. The individual is able to get to a higher level of utility.

5. If the price of one of the products associated with indifference curves decreases, all else the same, what is the result? Prices will be higher. The individual is able to get to about the same level of utility. The individual is able to get to a lower level of utility. The individual is able to get to a higher level of utility.

6. Which of the following statements best describes how individuals maximize their utility given a constraint? None of these possible answers make sense, This can be shown when the budget constraint is tangent to the lowest indifference curve possible, This can be shown when the budget constraint is tangent to the highest indifference curve well above the constraint, This can be shown when the budget constraint is tangent to the highest indifference curve

7. Whenever marginal benefit is less than marginal cost, the decision maker should do _____ of the activity. less, none, that exact amount, more

1. What is the difference between microeconomics and macroeconomics? Provide an example of each.

2. Price discrimination. How can this be a good thing for you personally?

3.   Illustrate (draw) and explain the Laffer Curve. Where are we currently as a nation (in your opinion) on the Laffer Curve?

1. What is the producer’s problem (or a firm’s goal) in microeconomics?

2. A firm achieving its goal also achieves economic efficiency.

1. How is economic efficiency defined?

2. How does it differ from technological efficiency?

The price system accomplishes much for society that government could do but probably could not do as well. Explain

Future political risks, if any in Kenya

Consider a country which currently has a constant total fertility rate, a constant mortality rate, and no emigration or immigration. Explain why the population growth rate could still be changing over time.

Read the second Management Focus feature in the text (Chapter 9), “NAFTA’s Tomato Wars,” then answer the following questions 1) Was the establishment of a minimum floor price for tomatoes consistent with the free trade principles enshrined in the NAFTA agreement? Why or why not? 2) Why, despite the establishment of a minimum floor price, have imports from Mexico grown over the years? 3) Was the Commerce Department right to establish a new minimum floor price, rather than scrap the agreement and file an anti-dumping suit against the Mexican tomato producers? Who would have suffered? Response should be a minimum of 150 words total and contain no quotes.

“In the years between 1815 and 1848, two rival political programs appeared, reflecting rival sets of hopes. Some Americans felt largely satisfied with their society the way it was, slavery and all, especially with the autonomy it provided to so many individual white men and their local communities. They wanted their familiar America extended across space. Other Americans, however, were beguiled by the prospect of improvement to pursue economic diversification and social reform, even at the risk of compromising some precious personal and local independence. They envisioned qualitative, not just quantitative, progress for America.”

Explain this passage from Daniel Walker Howe in a more or less narrative style essay. What are these “rival political programs,” what specifically did they want America to look like, and in what ways did they advocate for their respective visions? Furthermore, what is the difference between “qualitative” and “quantitative” progress and how do they differ? Finally, how does the Civil War, and it's lead up, figure in these conflicting visions?

Question 3. A 1-year European put option on a stock with strike price of $50 is quoted as $7; a 1-year European call option on the same stock with strike price $30 is quoted as $5. Suppose you long one put and short one call (one option is on 100 share).

a) Draw the payoff diagram for your put position and call position.

b) After 1-year, stock price turns out to be $45. What is your total payoff? What is your total profit/loss?

Compare and contrast the four different market structures (perfect competition, monopoly, monopolistic competition, and oligopoly). Select an organization with which you are familiar and identify the market structure of that organization. Evaluate the effectiveness of this structure for the organization. For your selected organization, summarize the factors that affect labor supply and demand.

How did the personality of George W. Bush influence his foreign policy initiatives and rhetoric regarding the 2001 Afghanistan war and the 2003 Iraq war? Do you think that a different president would have acted differently given the circumstances? Explain using Margaret Hermann's typology of leadership styles, the rational actor model, and the bureaucratic model of decision-making.

What has been the legacy of the Arab Spring on the Middle East and on Syria.

We showed an example in which the consumer has preferences for consumption with the perfect complement property. Suppose, alternatively, that leisure and consumption goods are perfect substitutes. In this case, an indifference curve is described by the equation:

u=al+bC

where a and b are positive constants and u is the level of utility. That is, a given indifference curve has a particular value for u, with higher indifference curves having higher values for u.

a) Show what the consumer’s indifference curves look like when consumption and leisure are perfect substitutes, and determine graphically and algebraically what consumption bundle the consumer will choose. Show that the consumption bundle the consumer chooses depends on the relationship between a/b and w, and explain why.

b) Do you think it likely that any consumer would treat consumption goods and leisure as perfect substitutes?

c) Given perfect substitutes, is more preferred to less? Do preferences satisfy the diminishing-marginal-rate-of-substitution property?

In Ch.12, the concept of risk and return is discussed. In 500 words or more, discuss the historical return and risks on various types of investments. Additionally, briefly explain the implications of market efficiency.