Economics Definition and 176 Threads

Homework Statement In 1903, a Picasso painting was purchased for $600. The family of the original owner sold the painting in 1995 for $29,152,000. What rate of return (interest) did the family receive on the investment? Homework Equations Single Payment Compound Interest Formula...

Is economics ********? So my friend was telling me about economics and he told me it was a lot of BS. I remembered taking a economics course in high school and to be honest, the teacher didn't really seem sure as well. He said that economics can go either way. There's no right answer but all...

Hi: I've been interested since long time ago in Economics. Also, I've heard there are science majors working in Economics/Finance firms and I've read some of the threads on physicists turned "quants". I'm actually interested in using Physics & Mathematics to create economical models. I know...

The textbook says it's a way of transforming a set of numbers into another set that preserves the order. But I don't understand what that means. Here are a few examples. The question was: do these functions represent a monotonic transformation. u = 2v - 13 (yes) u = -1/v2 (no) u =...

Hey everyone, I have a problem to compute an equation i just read in an economics paper that was on my reading list. I simply cannot compute it in Maple and I have no further idea how to grasp it. Any suggestions are HIGHLY appreciated ;) http://21coe-glope.com/paper/21COE_WP3.pdf The...

Hi, So out of all the things I have studied, I really enjoy Physics, Econ, and Chinese. I feel like it should be a winning combination, and I was wondering what I can do with this? I would love to use my Chinese in some capacity, but I am always willing to give that up. I've been fumbling...

Homework Statement The cost in dollars for producing x units is given by C(x) = 1.22x+ 2500 . The demand curve is given by p(x) = (60,000-x)/(10,000) A. Find the revenue function R(x) in simplest form. B. Find the marginal revenue function and the marginal revenue for selling 15000...

I go to a big old public university, so it's a bit different. Instate undergrads cost either about the same or more then their tuition, which is one of the reasons weeding courses are so popular and grade inflation isn't so bad, and out of state students are the big supplements. I had a friend...

Joel Waldfogel is an economics prof. at Wharton School (UPenn.). His latest book is Scroogenomics. In it, he estimates that the recipient of a gift usually values the item less than its cost. By his measure, Christmastime gifts amount to $12 billion lost value ("deadweight loss") each year...

I am a bit curios about what quants really do and am therefore planning to buy a book about quantitative analysis (basically to read for fun). Can someone recommed a good book which describes "real world" techniques? Preferably something suitable for someone with the "usual" background (in...

I have a question for those who are cognisant with the study of economics. I've heard in economic classes they teach all sorts of mathematical models to describe/predict all the "laws" in the field, or at least approximations. I'm trying to hunt down the popular and useful economics...

How does each of the following affect a country's net capital outflow/net export/equilibrium exchange rate? 1. a rise in foreign interest rates 2. a fad for buying foreign goods 3. an announcement that a tax cut will occur in the future. 4. rising ethnic tensions that threaten to cause a...

USA Today is a half decent paper and has a good website format, so it is one of my primary sources of news. Nevertheless, it, as most news sources, sometimes produces some real crap. I'm not sure what motivates articles like this, but it is horribly wrong and misleading and since economics is...

any recommendations?

Homework Statement Consider the following general form of a constant elasticity of substitution production function: y = [SLp + (1 - S)Kp]1/p Assume a firm is trying to minimize the cost of producing any given y. Cost are given by C = wL + rK Find the firm's cost minimizing demand...

Greetings, I'm trying to solve a 3 part problem which has the following questions: a) Determine the rate of return before taxes. After Solving: Answer: 21 % b) If the effective income tax rate is 42 percent, what is the approximate after-tax rate of return? After Solving: Answer: 8 %...

Hi, I am pursuing graduate studies in economics, and I hear that "measure theory" is one of the classes that will impress admission commitees. I don't see anything by that name in my school's catalog. Does this class go by another name sometimes?

Which is harder/more time-consuming in college? GPA killer?

Much of undergraduate economics is dedicated to the study of efficient markets. This is a useful simplification in many fields -- no one cares who they buy stock from, and gasoline, wheat, and other commodities are almost as undifferentiated. I've recently been considering markets that are...

Does anyone know if any economist are studying the implications of this concept? I have never heard of economic theories with assumptions that there are multiple businesses that cannot faile due to their size. There are also questions about the implications is has for the actions of CEO's of...

Hi all, I've just taken my first postgraduate "Managerial Economics" class (aimed at people who haven't studied economics before), and my lecturer has thrown me a curve ball with the concept of opportunity cost. Either my memory's not as good as it used to be, or his isn't. Anyway, he gave an...

I know that economics must play a large part in determining why alternative energies aren't as effective as burning oil. Oil is cheaper. I'm an electrical engineering student and I'm curious about some of problems plaguing the alternative energy business. Ie. Solar, Wind, Geothermal, ect...One...

So I'll be doing a degree in engineering but will have some space for some free electives and see myself working as a engineering manager in a high tech company in the future. My goal is to earn as much money as possible. (yes I am a modern ebenezer scrooge:D) Thus I'm interested to know which...

Which would you rather have as a career: finance/economics or neuroscience? Why?

Hello, I've had an intro economics course recently and there are still a couple of questions unanswered. One of the examples given where a handfull of projects with an initial investment and positive cash flows the following years. The question was which project is preferable when looking...

ECONOMICS "Any legislation to force intestest rates lower will probable have to wait for a new president." This is a quote from the talking heads at ABC news (ABC World News). What would be the effects of national legislation forcing mortgage lenders, by law, to make loans at a lower rate?

Would highly recommend the book reviewed here - shows how evolutionary models are supplanting the simple physics-based models of neoclassical economics http://www.sciam.com/arti...mics-skeptic-january-2008 Evonomics Evolution and economics are both examples of a larger mysterious...

Well, we have a forum devoted to Science Book Reviews, so I thought I'd start one on business and economics. When Markets Collide: Investment Strategies for the Age of Global Economic Change, by Mohamed El-Erian...

I've always enjoyed reading Krugman's columns, but I wasn't aware he did work at this level. http://www.msnbc.msn.com/id/27159654/

I'm quite interested in taking a course in Economics... I'm in second year and still have no idea what my major is, so I'm sort of experimenting at the moment. I know nothing of economics, so am wondering if any of you can tell me how much math is involved? Should i take Calculus II, Linear...

With the failures of Freddie, Fannie, and now AIG, we have seen an earth-shaking failure of free-market economics. While the market would eventually correct itself, and though that should be allowed to happen, it had to be checked for fear of a complete US ecomomic collapse, which, according to...

I'm going to be a 3rd year at the University of Chicago. I am an economics major with a concentration in mathematics. I am interested in applying to law school. Right now, I have a 3.48 GPA, I have no idea what my LSAT scores will be (thought I imagine they will be on the higher side). I...

I'm an economics major. I am trying to decide what foreign language I should take next year. I am already fluent in Spanish, and I would like my language choice to be a nice complement to my major. I'm not really sure what I want to do in terms of a career. I'm studying abroad in Africa...

I'm an economics major. I am trying to decide what foreign language I should take next year. I am already fluent in Spanish, and I would like my language choice to be a nice complement to my major. Any suggestions? Thanks, Rangerrand

I was once a fan of trickle-down economics. But no matter how flawed the original concept may or may not have been, which is not the point here, I have to wonder if there is any basis for this theory in an increasingly outsourced economy. When one invests in a business in the US, it likely will...

I was reading the Wikipedia page on Pareto distribution, part of the WikiProject Statistics. http://en.wikipedia.org/wiki/Pareto_distribution Economist Vilfredo Pareto in about 1906 developed the Pareto principle [80-20] later expanded to Pareto distribution, a probability density function...

Homework Statement An island's economy is divided into three sectors-tourism, transportation, and services. Suppose that each dollars worth of tourism output requires inputs of $0.30 from the tourism sector, $0.10 from the transportation sector, and $0.30 from the services sector; each dollars...

What are your opinions on the discipline of Economics ? Do you think it has the potential to be used to help people or do you think it is simply a tool used by the rich and powerful. Is Economics a science ? Is the mathematics behind it sound ? I have friends who say it is fluff, that it...

[SOLVED] Cobb-Douglas functions in economics Hi. I'm an economics major. This problem isn't actually required, but I'm trying to learn more about Cobb-Douglas functions. Homework Statement...

I'm a first year university student engaged in my first economics (macroeconomics) course, and, naturally, it isn't very extensive and makes use of a colorful textbook. Though I've been learning quite a few things, I can't help but feel that the explanations provided are too blurry. There's an...

Suppose the demand curve for apples is P=800-2Qd. Where P is the price per pound(in cents) of an apple and Qd is the quantity demanded per year(in millions of pounds). Suppose that the supply curve for apples is: p=-300+3Qs. Where P is the price per pound(in cents) of an apple and Qs is the...

You are about to borrow $3,000 from a bank at an interest rate of 9% compounded annually. You are required to make three equal annual repayments in the amount of $1,185.16 per year, with the first repayment occurring at the end of year one. For each year, show the interest payment and principal...

Hello all, I hope some of you might be able to recommend some economic books for beginners and the layman. Sorta like the feynman lectures is for physics. The US mortgage crisis and the FED increasing interest rates, etc. just keeps me scratching my head many thanks in advance

The demand for oranges is P=200-1.25Qd The supply for oranges is P=-20+0.50Qs a)find the equilibrium quantity b)find the equilibrium price c)what would occur if the market price was set at 150 cents? Please help me get started or explain how I should do it as I have no idea where to...

A former professor and associate of my wife has developed a new field of which I am familiar with some elements. The field is Ecological Psychology, and he has written a book entitled, "Ecological Psychology: Creating a More Earth-friendly Human Nature." The book explores the ethics of...

Here are 2 resources that analyze the Economics of Discrimination. I would like to state that this is not the only view on the Economics of Discrimination. However, I did choose these resources because I have heard these economic arguments multiple times, and I noticed that they are fairly...

Do you think sociology professors are to the left, economics to the right on capitalism? I do!

Assuming I were to major in Economics, there are a few different specializations available: Business Economics, Macroeconomics and Finance, Economic Theory, Econometrics and Empirical Economics, and International Economics and Development. Economic Theory seems the most appealing to me...

I just jumped into ask whether we can post questions from the subject of Economics on this board. Thanks!

[SOLVED] Economics MBA profit maximisation toffee Hi Guys I have a total blonde moment here : The question goes : I need to determine the profit maximising equilibrium output,price and total profit under 2 conditions a) firm is monopolist b ) perfect competition ( I have the theory on...