economyst
Popular questions and responses by economyst
application essay, plz help Writeacher, SarJMcgin
Below is a draft of my daughter's college scholarship application essay. I would appreciate if a few of the Jiskha gang could review and critique. Many thanks in advance. Scholarship Essay “What do you want to be when you grow up?” This is one of those
asked on August 4, 2009 
Economics
You should start a new post instead of adding on to an existing post. That said, I would go with A Which of the following statements is true?? A) The value of a good may change over time. B)A highly valued good is always more expensive than a lesser valued
asked on June 5, 2007 
GCSE Maths  Probability
First the denominator. There are 8*7*6*5*4*3*2*1 = 40320 ways the 8 friends could be seated. Now the numerator: There a 6 possible seats for Trevor (he cant have an end seat). For each of these 6 seats, the two brothers could be seated in 2 ways. (A on the
asked on May 29, 2007 
economic system
"appropriate" is a loaded and subjective word. Further, some government activities and programs could be widely viewed as appropriate up to a point. That said, we generally expect our federal government to: establish a monetary system maintain economic
asked on February 2, 2007 
Statistics
1) No, 8.0 is the correct answer. 2) a strange and unlikely probability distribution. But lets go with the stated parameters. It states that ZERO percent of the population loses less than 6 lbs OR more than 12 lbs, but exactly evenly distributed between 6
asked on December 4, 2006 
Macroeconomics
If your are in a firstyear macro economics course then... 1) yes government purchases can increase total income. 2) cutting taxes could achieve the same result, 3) But the tax cut would need to be larger because the tax multiplier is one less than the
asked on September 27, 2006

economics
Is there a question here?
posted on March 1, 2010 
11th grade economics
In economics "captial" generally means one of two things. First is physical capital which is, as you state, a means of production e.g., machinery. The second is financial capital e.g., cash. Now then, it is a bit easier to relate financial capital to
posted on February 17, 2010 
economics
I presume you can determine the price the monopolist will charge. (hint: MR=1002Q, MC=10) Draw a graph showing the demand line, the MC line, the MR line, the maximizing price and quantity. Consumer surplus will be the triangle area below demand but above
posted on February 4, 2010 
Statistics
The probability of not hitting oil is .8 The probability of not hitting oil in 5 tries is .8^5 = .32768. Ergo, the probability of getting at least 1 hit is (1.32768) = .67232
posted on February 4, 2010 
consumer math
1) 200*34.5*(1.01) = 2) 13459*(1.0675) =
posted on February 4, 2010 
statistics
There are a number of ways to solve this problem. Here is one. The standard deviation of a binominal is sqrt(n*p*q) where p is the probability of an event and q is 1p. So, SD = sqrt(25*.38*.62) = 2.427 The expected number that 6 hours or less is .38*25 =
posted on February 3, 2010 
Business Math and Statistics
I'm having trouble coming up with a "common" circumstance example of why a firm would purchase an annuity. Annuities generally lose their liquidity. The most common reason why a firm would hold a pile of cash is to have cash reserves  to pay for
posted on February 3, 2010 
taxes
If the $1892 was earned income (e.g., wages), the person would likely receive a hefty $757 earned income tax credit, which would be included in any "refund" check the person would otherwise receive.
posted on February 3, 2010 
economics
I don't understand your demand equations. You state the demand for text books is: m 2py Could you elaborate and explain your terms? I would expect the demand function for text books to be some function of the price of text books and income. Regardless, the
posted on February 3, 2010 
Microeconomics
ATC should be equal to $4 under the conditions you state
posted on February 3, 2010 
Finance
At .1 per pound, the variable cost per bag is $5. Let n be the number of bags at breakeven. So Tota revenue is 10*n. Total costs are 80000+5*n. Breakeven is 10*n = 80000 + 5*n  use algebra and solve for n.
posted on January 6, 2010 
probability
How bout "from this group of 550+300+850=1700 students"?? Assumeing that you meant 1700 students, there are 400 from School A that took the bus. Ergo, P=400/1700 = 23.5%
posted on January 6, 2010 
microeconomics
then potentially a lot of things. 1) The industry is perfectly competitive (or nearly so) 2) Implying that no single firm has a "large" market share. 3) Implying that each firm in the industry produces a product that is not distinguished (different) than
posted on January 6, 2010 
12grade economics
I beg to differ. For a 20% increase in revenue to occur, people would need to purchase the same physical amounts of taxable goods and services they previously did and actually spend 1% more. This is unlikely because 1) with the effective higher prices, and
posted on January 5, 2010 
managerial economics
Lets start with the assumption that the firm, prior to the settlement, was operating at a profitmaximizing level; where Marginal Costs=Marginal Revenues. From the information, the firm must have some monopoly power. it sets a price above MC, and is
posted on December 23, 2009 
Managerial Economics
see my post above.
posted on December 21, 2009 
Managerial Economics
See my post above.
posted on December 21, 2009 
Managerial Economics (bobpursely please help)
see my post above.
posted on December 21, 2009 
Managerial Economics
I don't understand why total fixed costs should ever be a major component to a calculation that should be made on the margin. The question is simple, does the expected additional revenues (MR) from the added sales force exceed the expected labor costs (MC)
posted on December 21, 2009 
Macroeconomics
Do a little research, then take a shot. What do you think? Hint: simply understanding how a fixed exchange rate differs from a floating rate should answer most of your questions.
posted on December 21, 2009 
macroeconomics
Do a little research, then take a shot. What do you think? Hint: Be sure to understand import substitution policies vs export promotion policies. Hint2. How will foreign countries respond to such policies?
posted on December 21, 2009 
DataManagement
Excek spreadsheets are very helpful for these kinds of problem. a) the probability of selecting a female is .3*.4 + .5*.5 + .2*.5 = .47. Ergo, the probability of picking a male is .53. The probability of picking all males is .53^50 = something really
posted on December 18, 2009 
Managerial Economics
So, I take it, this is a twobytwo table. The rows are Indian River and Interior. The columns are also Indian River and Interior. What are the values in the tables? That is, what do they measure or represent??
posted on December 15, 2009 
economics
Because leisure is a normal good. If you cut income taxes, then the aftertax income for each hour worked goes up. This effect alone should cause a person to want to work more. This is the direct substitution effect laborforleisure. However, leisure is a
posted on December 15, 2009 
Macroeconomics  SOE
Let me elaborate with an example. Say something costs 2 euros and the euros to dollars ratio is 1. So, I need 2 dollars to purchase. (I take my 2 dollars to the exchange, and get 2 euros). Now let the euros/dollars exchange ratio drop to 0.5 NOW, I need to
posted on December 14, 2009 
Managerial Economics
I'm having mucho trouble here. I need to see the table to see what is going on.
posted on December 14, 2009 
Macroeconomics  NX & Tax
In the long run, in an open economy, imports=exports. If a country limits imports but continues to export, then goods are flowing out and foreign currency flows in. What good is that foreign currency if the holders cant buy anything with it? (Think about
posted on December 14, 2009 
Macroeconomics  SOE
I think of the exchange rate as the number of a foreign currency units per dollar. e.g., euros/dollars. From this perspective, the statement makes perfect sense.
posted on December 14, 2009 
economics
Do a little research, then take a shot. what do you think. Hint. Be sure to read up on Monetarists, and the quantity theory of money.
posted on December 14, 2009 
macroeconomics
Do a little research, then take a shot. What do you think? Hint: be sure to read up on the money multiplier.
posted on December 14, 2009 
macroeconomics
Take a shot, what do you think? Hint: just use common sense to answer this one.
posted on December 14, 2009 
macroeconomics
Do a little research, then take a shot. What do you think?
posted on December 14, 2009 
macroeconomics
do a little research, then take a shot. What do you think? Hint: think about what money is and can do for you. Physically, money (cept coins) is nothing more than a printed piece of paper
posted on December 14, 2009 
Business Statistics
First, calculate the mean (average) number days lost. The deviation, for any observation, is the difference between the observed value and the mean.
posted on December 14, 2009 
macroeconomics
The Phillips curve plotted inflation against unemployment. So two correct answers: low inflation/unemployment or low unemployment/inflation
posted on December 14, 2009 
Managerial Economics
Dell, HP, and Gateway largely build PCs which run on Microsoft, while Apple has its own operating system. So, HP and Gateway PCs are much closer substitutes for Dell PCs
posted on December 12, 2009 
Microeconomics  Pareto Efficient
I think your first sentence is right. However, your reasoning is a bit offbase. Paretoefficient implies that people with a marginal benefit above the marginal cost of producing the good can purchase that good. The above reasons you gave for deadweight
posted on December 11, 2009 
Microeconomics  Normative Statements
I'm not sure what you are asking. That said, in costbenefit analysis doesnt necessarily mean if one gains someone else must lose. A coomon social policy question asks whether some change in policy is a good idea or not. Under a pure pareto requirement you
posted on December 11, 2009 
macroeconomics
Like some of your earlier posts, some critical information is missing. What is the price of a cart? and what is the useful life (in years) of a cart?
posted on December 11, 2009 
macroeconomics
a) put income on the xaxis, consumption (and savings) on the yaxis. At x=100 and y=150 put a dot. At x=200 and y=200 put another dot. Repeat for 300 and 400. Connect the dots. b) slope is rise over run. With each 100 increase in income (run), consumption
posted on December 11, 2009 
math
Something is missing here. You don't present the estimated equation, only one observation. Plz recheck your problem and then repost if you are still having trouble.
posted on December 10, 2009 
macroeconomics
Savings = income  expenditures. So, for the first example savings =50
posted on December 10, 2009 
Macroeconomics
Use the multiplier. a) 8*10=80, b) 5*10=50 and c) 20*10=200 Again, Am I missing something, some part of the problem, here?
posted on December 10, 2009 
Macroeconomics
I have the feeling I am missing something. Are the questions referring to some graph which I don't see??
posted on December 10, 2009 
Microeconomics  Oligopoly
The two firms agree to act as a monopolist. Sinc MC is zero for both firms, they will produce where MC=MR=0 (where MR is the combined MR for both firms). And when MR=0, the elasticity of demand is 1. So b is true. Now at this optimal production point,
posted on December 10, 2009 
economics
I suspect there is something more to your question. The short, obvious answer is that output per worker increases.
posted on December 10, 2009 
Economics
In the UK it costs 6 cloth to get 2 wheat. Ergo, cost for 1 wheat is 3 cloth. In US it cost 5 cloth to get 1 wheat.
posted on December 9, 2009 
Managerial Economics
Integrate the MC function. MC is the first derivitive of TC. So, TC = 10Q + (5/2)Q^2 + C
posted on December 8, 2009 
Economics
I don't know what "artifical supply creates artificial demand" means at all. A price ceiling that is below the otherwise equilibrium price creates a market shortage. (illustrate this on a supplydemand graph). I like your sentence about the black market.
posted on December 8, 2009 
probability
Can you assume the probability of success is the same for everybody? Does success for 12 mean that each person was successful? If so. Let p=probablity of success for one person. Let x be the known probability of success for 12 people. So for 12 people p^12
posted on December 8, 2009 
economics
Take a shot, what do you think? Hint: be sure to distinguish between economic profits and accounting profits.
posted on December 8, 2009 
macro econ
The firm makes an optimal input choice when the marginal product of one input divided by the price (wage) is equal the marginal product of any other input divided by the price (wage) of that other input. So for printers MP=20, P=20. So MP/P=1 For presses,
posted on December 7, 2009 
Economics/Statistics
Because they are perfectly postively correlated, the covariance between the q and z is 1.00 Because, (while not explained or pointed out), the possible answers are expressed in percentage terms and the decimal point is moved over 2 places, the answer you
posted on December 7, 2009 
college/microeconomics
First, derive a marginal revenue curve (like you did in your previous post.) So, P=50000, Q=1, TR=50000, MR=50000 P=40000, Q=2, TR=80000, MR=30000 P=30000, Q=3, TR=90000, MR=10000 and so on. b) he makes 3 cars, charges 30,000 each, and makes 10,000 profit.
posted on December 7, 2009 
college/microeconomics
see my response to your earlier post.
posted on December 7, 2009 
Microeconomics:
Demand would simply be the relationship between price and quanty. E,.g, at P=18, Q=1. At P=2, Q=9.
posted on December 7, 2009 
Economics (Production Possibility Frontiers)
I think it is line from (X=8.94, Y=0 to (X=0, Y=40). The line will be in a bowshape. (I presume by: X = K1/2L1/2 means K and L are raised to the 1/2 power.) To see this, plot a graph. (Excel spreadsheets would be very helpful here).
posted on December 7, 2009 
Economics (PPFs)
The marginal rate of substitution, in this context, is the amount of additional K you need to hold production constant in because of a decrease in L. (or vice versa) MRS = MPk/MPl. In the production of X, MPk = (1/2)K^(1/2)*L^(1/2) MPl =
posted on December 6, 2009 
Prisoner's Dilemma
I can think of some prisoner dilemma outcome sets that would lead to cooperative behavior C). But I think the most likely outcome in a more traditiona prisoner dilemma game is E) Both players, interested in their themselves, will rat out the other by
posted on December 6, 2009 
Economics
If she makes 20, she sells all 20 and makes 20 profit. If she makes 50 there is a .5 chance she sells all 50 and makes a 50 profit, and a .5 chance she sells 20, throws 30 in the trash and makes a 10 loss. Her expected profit is .5*50 + .5*(10) = 20.
posted on December 5, 2009 
Economics/Math
You state that q and z are perfectly positively correlated. This alone says the covariance of q and z is 1. The rest of the information you provide is a red herring.
posted on December 5, 2009 
Economics
Without insurance, Pete's expected utility is .9*sqrt(2*10000) + .1*sqrt(2*2500) = 134.3502884 utils So, what wealth give him equal amount of utility. Well, work the utility formula backwards. That is (134.3502884^2)/2 = 9025. Take it from here.
posted on December 5, 2009 
economics
take a shot, what do you think? Hint: calculate the change in revenue from each 0.2 increase in advertising, subtract the marginal cost of producing that extra unit. (e.g., calculate the change in profit from each 0.2 increase in advertising). Keep
posted on December 4, 2009 
Economics/Math
If you sold right now and put the money in the bank, after one year you would have 500*(1.05) = 525. After two years you would have 525*(1.05) = 551.25. So, assuming you get no enjoyment from looking at the painting, go with E)
posted on December 4, 2009 
college microeconmics
take a shot, what do you think. hints: Max profit occurs when MC=MR, breakeven occurs when TC=TR.
posted on December 3, 2009 
economics
If you are doing your dissertation, you must be well beyond anything we could offer. So, hows about joining the Jiskha crew and help mostly highschool level students with their homework?
posted on December 3, 2009 
economics
Take a shot. What do you think. Hint: think opportunity cost. What is the opportunity cost of holding the land and running a model on it?
posted on December 1, 2009 
microecon
I'm having a trouble with your notation. This Jiskha site has mucho trouble in expressing mathmatical equations. (where did your "f" come from?) That said, this is more of a calculus question. MR is the first derivitive of total revenue, so Pdq/da looks
posted on December 1, 2009 
macro economics
I need more information. What exactly are you trying to graph. What are you being asked to do. When I see income and substitute in the same sentence, I am thinking you are being asked to illustrate income and substitution effects on a demand curve.
posted on December 1, 2009 
Economics
Do a little research, then take a shot. What do you think? Hint: Maximize profit where MC=MR. In a perfectly competitive market MR=P. Hint2: the demand curve facing a firm in a perfectly competitive market is a horizontal line. (in economics terms:
posted on November 30, 2009 
Economics
Take a shot. what do you think?
posted on November 30, 2009 
mathprobability
if they each get one shot P=.50*.80*.75=.3 = 30%
posted on November 30, 2009 
macro econ
No, you are way off track. For utility maximization in spending on goods, you want the spend where the marginal utility per dollar is the highest. So, if MUx/Px is greater than MUy/Py then spend more on x and perhaps less on y. I presume your "10.00" is
posted on November 30, 2009 
Probability again
follow the basic methodology that Drwls showed you in the previous post. Assume each color ball can be distinguished from each other. (e.g., name the green balls g1 and g2) First, the denominator. How many different ways can 3 balls from 12 be chosen.
posted on November 30, 2009 
Economics
I have no idea What is the question, and What does "5=(10,4)+40=(10,4)" mean.
posted on November 29, 2009 
Math
There is no way these series could represent a linear equation. You have two different values for P  8 and 10. Yet both values have an associated Q of 110
posted on November 29, 2009 
ECONOMICS
do a little research, then take a shot. What do you think? Hint. Be sure to read up on the money multiplier.
posted on November 29, 2009 
Statistics
I too am confused. The FDA's tested mean is below their "standard" of 30.2. How could they possibly conclude the acutual mean above 30.2??
posted on November 29, 2009 
Microeconomics  Cournot
a) I agree b) I agree c) Cournot models can be tricky beasts. But in this example, I believe the soulution is easy because 1) both firms have flat MC curves and MCx < MCz. I believe firm X, in the end, will drive P down to 6 and Z will produced nothing. (I
posted on November 25, 2009 
mangerial economics
Take a shot, what do you think? Hint: On a graph, Consumer surplus is the area below the demand curve but above price. Compare the area using the Price the Monopolist would change to maximize his profits vs the price where P=MC. You will need to use some
posted on November 25, 2009 
MACROeconomics  Game Theory
I'm having some trouble with your notation. Let me asssume that (x,y) means that x is the outcome going to player A, y is the outcome going to player B. If top left is a dominant strategy equilibrium, it implies A perfers outcome Top and B prefers outcome
posted on November 24, 2009 
managerial economics
see my post to Cheri above.
posted on November 24, 2009 
Managerial Economics
I think something is missing and something is odd. the supply equation doesnt have a Q in it and the demand equation has some weird character. Regardless, set supply=demand and solve.
posted on November 24, 2009 
EconomicsHELP!
As I see it, the total benefit per person function is (1.01Q)*Q = Q.01Q^2. So, the national total benefit function TB is 100QQ^2. The marginal benefit schedule is the first derivative of the TB function. So, MB=1002Q MC of a test is given as 10. Set
posted on November 24, 2009 
Statistics
you could randomly divide people into two groups, one gets BW and the other gets Color. The BW group is the control group. Or, as I gather, you want to give each student two list. Then, the control group would get BW and BW, while the test group gets BW
posted on November 24, 2009 
Managerial Economics
See my previous post on calculating the optimal quantity, then price. Compare that to the competitive case where supply=demand or 8502Q=250+4Q  solve for Q.
posted on November 24, 2009 
Managerial Economics
Always always always, maximize where MC=MR Total revenue is P*Q = 1000Q 0.5Q^2. MR is the first derivative of TR. So, MR=1000  Q MC is the first derivative of TC. So, MC=100 + 5Q MC=MR is 100+5Q = 1000Q. solve for Q. then plug the optimized Q into TC
posted on November 24, 2009 
managerial economics
First, the parameter estimates are for a and b. a is the intercept, b is the coefficient on N. (n and N appear to be used interchangeably). I would argue the equation does a poor job of predicting total earnings E. The RSquared is well below a number I
posted on November 23, 2009 
managerial economics
Do you have a question?
posted on November 23, 2009 
managerial economics
Set MC = MR and solve for P. That is 40P = 100010P
posted on November 23, 2009 
Economics
Do a little research, then take a shot, what do you think?
posted on November 23, 2009 
Probability
I believe I answered this in an earlier post. There are 9 possible values for the first digit and 9 for the second, and so on. So, there are 9^8 possible serial numbers, where no digits is a zero. Similarly, there are 8^8 possible values where no digit is
posted on November 23, 2009 
Microeconomics
Both production runs of 300 and 400 produce the same profit and the maximized profit. Take it from here.
posted on November 23, 2009 
stats
Ok, you have 5 cards showing, meaning 47 remain. You have 4 hearts showing, meaning 9 remain. There are 47choose2 ways of picking the next two cards. = 47!/2!(472)! =1081 possible ways. This will be the denominator. Now then, the number of ways of
posted on November 23, 2009