Blog

During a behavioral intervention, a therapist removes a loud noise when a child completes a task. What behavior of the child as a result of the removal of the noise would exemplify negative reinforcement?

Who is your favorite economist?

If a 10% increase in the price of a product leads to a 5% decrease in the quantity demanded, the price elasticity of demand is:

The concept in a video of drinking more and more orange juice, but the “utility” or happiness that each glass of OJ brought upon consumption, could easily be referred to as: 

Use this information to answer the following 4 questions: Tommy has a weekly budget of $45, which he likes to spend on bread and circus tickets. The price of a bread loaf is $5 and circus tickets are $15. Based on Tommy’s budget constraint, list his opportunity set if he wants to use his entire budget this week. 

The minimum wage law is an example of a price ceiling, which doesn’t allow the price to go below that stated level.

The table below shows the amount of savings and borrowing in a market for loans to purchase homes, measured in millions of dollars, at various interest rates. What is the equilibrium interest rate and quantity in the capital financial market? How can you tell?

Whether the product market or the labor market, the equilibrium price raises when an increase in demand happens.

Using the labor market, predict how an increase of skilled workers will raise or lower the equilibrium wage and quantity of oil workers in Texas.

In your own words, showcase the main differences between a Command and a Market Economy. Are there any pure economies of either? Or are most markets mixed?