What's The Deal, Dirk?

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Students' Questions Answered by Dirk Topics

which of the following is an example of marginal thinking: 1. mark does not like brocolli so he refuses to eat any 2. jing loves shoes so much that she spends all of her money on shoes 3. sergio decides to play pokemon go less to study more to bring his grades up 4. brads mom takes away his cell pone until he brings his grades up

3. is correct since Sergio is doing LESS studying - LESS is an incremantal change at the margin. ... more

  • Asked by Anonymous
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  • 5 1

Can you define efficiency and give a few examples?

Efficiency means doing something at the lowest possible cost. For the firm that means operating ... more

  • Asked by Anonymous
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If a perfectly competitive firm is at the breakeven point, does this mean that it has an accounting profit of zero?

Actually, it has an economic profit of zero and a positive accounting profit. The difference occurs ... more

  • Asked by Anonymous
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Can you give me an example of a sunk cost? The definition is still a little abstract to me.

Try thinking of your car. If you decide to keep your old car (because it still runs) when you'd ... more

  • Asked by Anonymous
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I have been reading Paul Krugman and he talks about the confidence fairy... what is the free market answer to rebuttal the confidence fairy?

 

Good question. There is no simple answer. Confidence is a hugely important aspect ... more

  • Asked by Chris B. from Silverton HS
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Hi Dirk, First of all, cool web page. I have always been a little confused about the concepts of the "income effect" and "substitution effect". Could you explain these concepts in a simple way? Econ student from Dominican Republic.

I'm glad you found my webpage.  The income effect refers to the purchasing power of your ... more

  • Asked by Anonymous
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How does the real interest rate, the nominal interest rate, and the equilibrium quantity of loanable funds change when the expected inflation rate increases?

Since the increase in inflation is expected this has no affect on the real rate of interest but ... more

  • Asked by Ted .
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why do changes in monetray policy have different effects over different time horizons?

Monetary policy, like fiscal policy, has short-term and long-term impacts. The immediate impact ... more

  • Asked by Olusegun S.
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How does Costco's Code of Ethics—which puts customers, employees, and vendors ahead of shareholders—remain consistent with their fiduciary responsibility to their shareholders?

I don't find these two to be inconsistent at all. Costco has been very profitable and it has ... more

  • Asked by Anonymous
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The demand curve has nothing on the supply curve! Do you have any tips for how to keep straight all the different definitions and formulae for marginal, average, and total cost, product, and revenue?

My tip is to work with the data. I discourage my students from trying to memorize formulas. I assign ... more

  • Asked by Geoff B. from Mount Royal University
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