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The industry demand in for plumbers is given by the equation W = 50-0.08L, and there is a fixed supply of 300 qualified plumbers.
(a) Draw a diagram illustrating the supply, demand and equilibrium.
(b) Solve the supply and demand equations for the equilibrium wage, W.
(c) If the plumbers now form a union, and supply their labour at a wage of $30 per hour, illustrate the new equilibrium on your diagram and calculate the new level of employment.
Hurricane delayed the cash inflows that the managers of firm Metro expected from a project that being built and increased the cash outflows over the next two years. the NPV of this project is now negative.
Clean Supreme is a corporation that produces and sells powdered laundry detergent in the U.S. The company has estimated the following regression equation for the demand of its Brand Z detergent:
An experiment involves rolling two, six-sided dice. A trial consists of tossing two other. There are 36 possible outcomes for each experiment, so what is the probability of rolling a score of 10 or greater if the first die you roll is a 5
A sales engineer has the following alternatives to consider in touring his sales territory. (a) Buy a new car for $14,500. Salvage value is expected to be about $5000 after 3 years. Maintenance and insurance cost is $1000 in the first year and inc..
Maritime Insurance Company offers insurance policies for recreational boats. A typical policy will pay the replacement cost of $25,00 if the boat is a total loss.If the boat is not a total loss but the damage is more than $10,000 the policy pays $..
A small business that has taxable income of less that $50k purchases a machine for $10k. The machine yields an annual benefit of $5k over its 5-year life. Is the after-tax rate of return for this item closer to 5% or 12% Assume a straight-line de..
A local video store estimates their average customer's demand per year is Q = 20 - 4P, and knows the marginal cost of each rental is $1.00. How much should the store charge for an annual membership in order to extract consumer surplus
What is the dollar rate of return on a 10,000 pound deposit held in a British bank for a year when the British interest rate (annual) is 10 percent, and the exchange rate is $1.50 per pound at the beginning of the year, and is $1.38 per pound at t..
Modifying a product to increase its "value added" benefits customers and can enhance supplier profits. For example, suppose an improved version of a product increases customer value added by $25 per unit. (In effect, the demand curve undergoes a p..
Now suppose the firm has a chance to buy an unlimited number of engines from another company at a price of $1400 per engine. Will this option affect the number of cycles it plans to produce Its price Will the firm continue to produce engine itself
A man wishes to set aside money for his daughter's college education. His goal is to have a bank savings account containing an amount equivalent to $20,000 in today's dollars at the girl's 18th birthday. The estimated rate is 8%. If the bank pays ..
a cell phone company is considering investing in additional cell phone towers. it estimates that if it builds k towers
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