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Suppose you win a lottery, and your after-tax gain is $20,000 per year until you retire. As a result, you decide to work part time at 35 hours per week in your old job instead of the usual 40 hours per week.
a) Calculate the annual income effect on hours worked from this lottery gain based on a 50-week year.
b) What is the substitution effect on hours worked associated with this lottery win? Explain.
Illustrate what is the minimum price necessary for this firm to produce any output in the short run.
Policy analysts in the Department of Natural Resources have estimated that the marginal benefits from water pollution abatement are given by the function MB ¼ 0.90 À 0.03A, where A is a measure of the abatement intensity. Determine the optimal level ..
Consider an economy that has two banks with the following information: East Bank: $1600 cash $15,000 DD $2200 Deposit in the Fed $1300 US government bonds West Bank: Calculate: The desired excess reserves ratio (for the whole economy), Cash held by ..
A consumer’s income in the current period is y=100, and income in the future period is y’=120. He or she pays lump-sum taxes t=20 in the current period and t’=10 in the future period. The real interest rate is 0.1 or 10% per period. Compute the consu..
As vice president of sales for a rapidly growing company, you are grappling with the question of expanding the size of your direct sales force.
Explain why at first patents might seem such as a deterrent to growth because in effect they restrict the use of new technology
"Exotic" mortgages became popular in part because they allow someone of:
what price will the firm charge to maximize its profits? what are total profits? Would a 50% tax on profits alter the firms output? by what amount and why?
etween February 2008 and Summer 2009 the Fed supplemented its open market operations with a greatly expanded program of direct lending (both overnight and short term 28 and 84 day loans) to commercial banks, investment banks, brokerage and primary de..
Fully describe three (3) measures for assessing the effectiveness of a sales force as a whole. Explain why they are important, what they determine, and how sales managers apply these criteria to sales force performance evaluations.
Suppose you have three producers of oil A, B, and C, with extractions costs of $8, $10, and $12 per barrel of oil. Assume there are no user costs. Assume that each well can produce 100 barrels of oil per day. What will be the total marginal cost in t..
Suppose a consumer purchases a combination of two commodities that is on his or her budget line but the budget line is not tangent to an indifference curve at that point. Of which commodity should the consumer buy more of and of which should he or sh..
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