ECON 315

ECON 315 - Exam 1 Questions And Answers With Verified Solutions How is the labor market different from the typical market for products? - Goods are sold in the market (typical) - Labor is rented in a market - Institutions exist to connect employers and employees - Information about quality and price are exchanged Non-Pecuniary Reasons to Pick a Job: - Salary - Location - Opportunity - Reputation Pecuniary Relating to money Numerous insititions and legislations influence the e...

Econ 315 Exam 2 Complete Questions And Answers With Verified Solutions An increase in the wage rate when the substitution effect dominated will labor force participation and hours of work increase, increase Indifference curves drawn with leisure and income on the axes have negative slopes because people are willing to give up income to obtain more leisure and vice versa An increase in non labor income due to a rise in the value of stocks and bonds will cause a pure income effect If a ...

ECON 315 Midterm 1 Questions And Answers With Verified Solutions 2023 Present value calculation: key formula PV = FV/(1+i)^n Value of a perpetuity: key formula pvperpetuity = CF/i Value of a firm; key formula pvfirm = π0(1 + i)/(i - g) Influences on present value a. Higher Interest Rate = Lower Present Value B. Longer Amount of Time = Lower Present Value C. Higher Profits = Higher Present Value Influences on demand a. Income I. Normal good (an increase in income = increase in...

Econ 315 Exam 1 Complete Questions And Answers Graded A+

Econ 315 Exam 3 Study Guide Questions And Answers Graded A+ 2023 Sweeny model of oligopoly; why does the price become "sticky" Because of kinked demand curve Sweezy model of oligopoly; focus on price elasticity of demand - If firm lowers its price; it has inelastic demand and TR drops - If firm raises its price; it has elastic demand and TR drops No incentive to change price since TR decreases in both cases Conceptual question; effect of change in marginal cost in oligopoly model(s)...

ECON 315 FINAL Concepts Complete Verified Solutions Graded A+ 2023 Chapter 9: Basic assumptions of Oligopolies Oligopoly - Few firms in the market - The actions of one firm are considered by other firms when making decisions (Quantity of Output) Duopoly 2 firms Cournot Oligopoly In case of collusion, act as monopoly: MR = MC Stackelburg Oligopoly One firm leads the market and the others follow Chapter 10: Game Theory Game Theory if a strategy is always better regardless of ...

ECON 315 Exam 1 Review Complete Study Solutions Graded A+ 2023 List the five core principles of money and banking Time has value Risk requires compensation Information is the basis for decisions Markets determine prices and allocate resources Stability improves welfare List the six parts of the financial system Money Financial Instruments Financial Markets Financial Institutions Government Regulatory Agencies Central Banks Why has the financial system become more globally integr...