Questions
In the movie Forest Gump, Consider the barriers to entry facing potential competitors in Forrest’s monopoly...

In the movie Forest Gump, Consider the barriers to entry facing potential competitors in Forrest’s monopoly market ( his shrimp boat). The more contestable a market, the closer it will be to a perfectly competitive market, whereas the less contestable a market, the closer it will be to a monopoly.

In: Economics

Define and defend your own position on the University of Texas/Texas A& M admissions policy of...

Define and defend your own position on the University of Texas/Texas A& M admissions policy of granting admission to the Top 7-8% of students from Texas High Schools.

In: Economics

World oil prices have been rapidly swinging over the last few years, in part because of...

World oil prices have been rapidly swinging over the last few years, in part because of the declining value of the U.S. dollar, changes in supply and demand, and OPEC’s attempts to manage output in order to maintain higher prices. (OPEC stands for the Organization of Petroleum Exporting Countries)

As the president of an oil producing and exporting company in Alberta:

  • Explain how you may use hedging to protect your company’s income.
  • Share a recent publication with your fellow students and your instructor.

In: Economics

5. Assume that the reserve requirement is 5 percent. All other things being equal: Will the...

5. Assume that the reserve requirement is 5 percent. All other things being equal:

Will the money supply expand more if the Fed buys $2,000 worth of bonds or if someone deposits in a bank $2,000 that he had been hiding in his cookie jar?

If one creates more, how much more does it create?

6. Assume that the banking system has total reserves of $100 billion. Assume also that required reserves are 10 percent of checking deposits and that banks hold no excess reserves and households hold no currency.

What is the money multiplier? _______What is the money supply? $__________

In: Economics

Draw a correctly labeled graph showing a long-run average cost curve.  Label the sections showing economies of...

  1. Draw a correctly labeled graph showing a long-run average cost curve.  Label the sections showing economies of scale, diseconomies of scale and constant returns to scale.   Explain economies of scale, constant returns to scale, and diseconomies of scale.

Multiple Choice

  1. In the long run:
    1. All inputs can be varied.
    2. No inputs can be varied.
    3. Only variable inputs can be varied.
    4. Only fixed inputs can be varied.
    5. A limited number of inputs can be varied.
  2. Sunk costs:
    1. Are costs that can be recovered when production is halted.
    2. Are costs that should be not ignored in future decisions.
    3. Are costs that should be ignored in future decisions.
    4. Are incurred in the short run only.
    5. Are costs of production that reoccur.
  3. If the LRATC is falling the firm is experiencing:
    1. decreasing AVC.
    2. constant returns to scale.
    3. economies of scale.
    4. diseconomies of scale.
    5. cost minimization.
  4. If the LRATC is rising the firm is experiencing:
    1. increasing AVC.
    2. constant returns to scale.
    3. economies of scale.
    4. diseconomies of scale.
    5. cost maximization.

In: Economics

lord acton views on nationalism and theodor herzl views on nationalism

lord acton views on nationalism and theodor herzl views on nationalism

In: Economics

A paper mill dumps waste into a lake used by a tilapia farmer. The paper mill’s...

  1. A paper mill dumps waste into a lake used by a tilapia farmer. The paper mill’s marginal private cost function of producing a tonne of paper is represented by: MPC = 5 + ½ Q and the marginal benefits can be represented by: MSB = 65 – Q. The tilapia farmer’s costs from the pollution can be represented by: MEC = ½ Q.
    1. Sketch the paper mill's marginal private cost curve, the marginal social cost curve, and the marginal social benefit of paper curve.

  1. What is the efficient level of paper production? If no one owns the lake and there is no regulation of pollution, what is the quantity of paper produced per week? Illustrate the deadweight loss of the no-regulation level of production in your figure.

  1. If the government introduces a tax to correct the externality, what is the tax per tonne of paper produced that achieves an efficient outcome?

  1. If the tilapia farmer owns the lake, how much paper is produced per week and what does the paper mill pay the farmer per tonne? Explain you answer.

  1. If the paper mill owns the lake, how much paper is produced per week? Explain.

  1. Compare the quantities of paper produced in (d) and (e) and explain the relationship between these quantities.

In: Economics

1. Why is the principle agent-problem important in economics? 2. what two critical assumptions underlie the...

1. Why is the principle agent-problem important in economics?

2. what two critical assumptions underlie the principle agent-problem?

3. Provide two critiques or counters of the assumptions outlined above.

In: Economics

True or False 1.The Cross-Price elasticity of demand for good X is -2, if its demand...

True or False

1.The Cross-Price elasticity of demand for good X is -2, if its demand changes from 100 units to 300 units, because of an increase in Price of Good Y from $1 to $2?

2.If the Demand for a good is inelastic, we can say that, as Price decreases, the Total Revenue will decrease.

3.If the demand for a good rises, when income falls, the good is an inferior good.

4.Because of the law of supply, we can be sure that price elasticity of supply, which measure the responsiveness of quantity supplied to a change in market price of the good, will always be NEGATIVE.

In: Economics

In 75-150 words What characteristics of early Chinese culture, belief and social organization were most notably...

In 75-150 words

What characteristics of early Chinese culture, belief and social organization were most notably developed in the Shang period?

In: Economics

3. The two most important state taxes are income and general sales taxes, although states also...

3. The two most important state taxes are income and general sales taxes, although states also make substantial use of excise taxes, direct business taxes (usually a corporate income tax), and others. List and discuss briefly four factors that might influence a state in choosing between an income and general sales tax. What is the relative reliance in your state on these two taxes? If the relative reliance in your state is different than average, speculate about why that might be so.

In: Economics

2. Critical analysis Q3 Which of the following is likely to be the largest source of...

2. Critical analysis Q3

Which of the following is likely to be the largest source of earnings differences between an upper-story window washer and a ground-floor window washer?

A difference in years of experience

Compensating wage differentials for dangerous working conditions

Tournament pay

A difference in job location

7. Critical analysis Q11

Consider two occupations (A and B) in which people have the same skills and abilities. When employed, workers in the two occupations work the same number of hours per day. In occupation A, employment is stable throughout the year, while employment in occupation B is characterized by seasonal layoffs.

The hourly wage will be lower in occupation (A or B)? .

In: Economics

write two pages essay on how family influences society

write two pages essay on how family influences society

In: Economics

What would be a good outline for writing a research paper on the similartities and difference...

What would be a good outline for writing a research paper on the similartities and difference between the monetary and banking systems of France and those of the United States? The history of the use of currency and the evolution and nature of the commercial banking system in France and the United States? And the evolution and nature of central banking in the United States and France?

In: Economics

How do you explain economics of large-scale production? Who do certain businesses, such as cigarette manufacture,...

How do you explain economics of large-scale production? Who do certain businesses, such as cigarette manufacture, seem to enjoy them, whereas other businesses, such as barbering do not?

In: Economics