1.At its current level of production a profit-maximizing firm in a competitive market receives $15 for each unit it produces, and faces an average cost of $10. At the market price of $15, the firm's marginal cost curve crosses the marginal revenue curve at an output level of 1,000 units. Draw a diagram that depicts the typical firm in this market.

2.If gross domestic product increases by 10 percent over a year, are we better off? Why or why not

3.What steps should you follow in making good economic decision

4.How can the USA compete in a free market example china average blue collar worker makes 4.500 and the US average is 35.000 a year how can you make the same product and compete against slave wage country's.The USA average tax or tariffs is around 3% on imports while china tax us at up to 285% on imports. both wage average are in Dollars

5.What are the contemporary issues in applied economics that economists must research with the current happenings in developing economies

6.How do you explain the increase in the price of a commodity. Explain the phenomenon

7.What are the differences between nominal and real GDP

8.What are effects of inflation on rail and metro transport

9.A right-turn lane is installed at an intersection at a cost of $450,000. With this new turning

lane, each vehicle going through the intersection is expected to save an average of $0.01 due to

time savings and reduced accidents costs. The expected traffic for the new lane is estimated at

12,000 vehicles per day -- every day of the year. How many years will it take for the savings to

amortize (i.e. pay off) the cost of the improvement? The interest rate is 6%.

10.Your marketing department estimates that Medicare urology visits equal 5 - (1.0 x c) + (-6.5 x To) + (5 x Tr) + (0.01 x Y). Here, C denotes the Medicare co payment (now $20), To is waiting time in your clinic (now 30 minutes), Tr is waiting time in your competitors clinic (now 40 minutes), and Y is per capita income (now $40,000).

How many visits do you anticipate? Medicare's allowed fee is $120. What revenue do you anticipate?