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Calculating the price elasticity of supply.
Beth is a college student who lives in San Francisco and provides math tutoring for extra cash. At a wage of $30 per hour, she is willing to tutor 6 hours per week. At $50 per hour, she is willing to tutor 16 hours per week.
Using the midpoint method, the elasticity of Beth's labor supply between the wages of $30 and $50 per hour is approximately ( ), which means that Beth's supply of labor over this wage range is ( ).
Suppose you were provided a gift of a gold mine that generates $1,000 of net income every year, indefinitely. And suppose equilibrium rate of interest is 5 percent. Illustrate what is present value of that gold mine.
The Natural Rate of Unemployment is 5% with the current unemployment rate of 10%. The actual Real GDP is $500. What is the Full Employment (Potential) level of Real GDP?
Draw a supply and demand curve, label X & Y axis and show equilibrium. Show a shift in demand and supply, and why it has occurred (non-price determinants). Describe all changes. Show in two or more graphs and use 2 examples for each - supply and dema..
Discuss how you would use regression to help you with your task—specifically, explain how you would go about evaluating the goodness-of-fit and the predictive efficacy of your model.
If the goverment of Langkawi decides that it cannot wait for the economy to self-correct in the long-run, what policy action could it posibaly take now? what trade offs,if any, will it have to be prepared to make in term of economic outcomes?
The text noted that money performs three basic functions. Select one of these functions and describe the ways rapid inflation could undermine money's ability to perform the function you selected.
Your dental clinic provides 3,000 exams for private pay patients and 1,000 exams for members of a union. Your fixed costs are $50,000 and your incremental cost is $40. Private pay patients have a price elasticity of demand of -3. What do you charge t..
People respond to images from their culture. Consider that the leading automobile maker wants to use an animal as an image in their advertising for a new line of fuel-efficient, hybrid vehicles. Take three paragraphs and pick two animals you think wo..
An industry demand curve faced by firms in a duopoly is P = 69 - Q, Where Q = Q1 + Q2. MC for each firm Is 0 (note: Marginal Revenue has twice the slope as the demand curve) How many units should each firm produce? How much money will each firm make?
When companies in oligopolistic industries announce a proposed merger, it is often met with resistance from antitrust authorities (such as the Federal Trade Commission (FTC) and the Department of Justice (DOJ) in the U.S.). In the U.S., we have seen ..
Explain demand schedule and demand curve, and how they are related? Why does the demand curve slope downward?
Sharp rises in the cost of milk, grain, and fresh fruits and vegetables are hitting cafeterias across the country, forcing cash-strapped schools to raise prices or serve more economical dishes.
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