Any help with any of these items would be amazing...thanks in advance
1. Explain the difference between the change in Supply and change in quantity supplied. Draw a diagram of the two changes and provide an example.
2.Draw, label and describe the 5 elastic measures-provide an examble of each.
3. Carefully draw, label and explain the Total Utility vs. Marginal Utility curves on a diagram. How do we define equilibrium in Utility Theory?
4. Indifference Curves: Carefully draw, label and expalin the budget line vs. indifference consumption curve and show equilibrium.
5. Describe the following Production Cost Terms: The short run, the long run, the very long run, implicit costs, explicit costs, acounting profits, economic profits.
6. Draw the profit max diagram of a monopoly and perfect competition. Compare and contrast both diagrams.
7. Just recently google was found not guilty in a major anti-trust case. Was googel 1. attempting to monopolize a market? 2.Attempting to become the oligopolisitc leader or 3. just engage in fair competition. Explain each concept carefully.
8. Summarize the MPP>MPC>MRP rule. How does it explain how your wages are determined? Provide a personal example.
9. Dogs kept in a backyard and are barking constantantly are notorious in most city neighborhoods. Do these dogs pose a negative or positive externality? What (if anything) should the city do about these externalities?
10. Dr. Joseph Stiglits, Nobel Economist, recently published "The Price of Inequality". In the book, he states the gap between the very wealthy and eeryone else has caused our economy to falter, and will continue this trend unless we are able to reverse course. For example, the Median wealth fell by 40% between 2007 and 2010, while the wealthy became wealthier. Is the current economic largess due to our high national debt or the slowdown in consumer spending, please explain.
Type your question here
Any help with any of these items would be amazing...thanks in advance
1. Explain the difference between the change in Supply and change in quantity supplied. Draw a diagram of the two changes and provide an example.
2.Draw, label and describe the 5 elastic measures-provide an examble of each.
3. Carefully draw, label and explain the Total Utility vs. Marginal Utility curves on a diagram. How do we define equilibrium in Utility Theory?
4. Indifference Curves: Carefully draw, label and expalin the budget line vs. indifference consumption curve and show equilibrium.
5. Describe the following Production Cost Terms: The short run, the long run, the very long run, implicit costs, explicit costs, acounting profits, economic profits.
6. Draw the profit max diagram of a monopoly and perfect competition. Compare and contrast both diagrams.
7. Just recently google was found not guilty in a major anti-trust case. Was googel 1. attempting to monopolize a market? 2.Attempting to become the oligopolisitc leader or 3. just engage in fair competition. Explain each concept carefully.
8. Summarize the MPP>MPC>MRP rule. How does it explain how your wages are determined? Provide a personal example.
9. Dogs kept in a backyard and are barking constantantly are notorious in most city neighborhoods. Do these dogs pose a negative or positive externality? What (if anything) should the city do about these externalities?
10. Dr. Joseph Stiglits, Nobel Economist, recently published "The Price of Inequality". In the book, he states the gap between the very wealthy and eeryone else has caused our economy to falter, and will continue this trend unless we are able to reverse course. For example, the Median wealth fell by 40% between 2007 and 2010, while the wealthy became wealthier. Is the current economic largess due to our high national debt or the slowdown in consumer spending, please explain.
Type your question here
