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Tamara earns $8 an hour and works 60 hours/week. Draw her labor-leisure budget constraint. What determines its slope? How does the position and slope of her budget constraint change if her wage increases to $16 per hour?
Calculate price elasticity at point S using the method E=ΔQΔP×PQ. Calculate price elasticity at point S using the method E=PP−A. Compare the elasticities in parts a and b. Are they equal? Should they be equal?
What will be the impact of a fiscal expansion in a large economy like the U.S. on aggregate income, the exchange rate, investment, trade balance and interest rate? Assume that the large economy in question has aborting exchange rate.
Assume the market demand for Terps t-shirts can be written as P = 100-2Q, where prices are measured in dollars. The long-run average cost of producing such a t-shirt is $20. If Under Armour could perfectly price discriminate, how much profit would it..
Suppose a drop in the compensating wage differential between risky jobs and safe jobs has been observed. Two explanations have been put forward: The phenomenal success of a new reality show Die on the Job has instilled millions of viewers with an ide..
1. Which of the following approaches to understanding and predicting consumer behavior depends primarily on the knowledge and experience of a firm's employees and its suppliers?
Offshore Petroleum's fixed costs are $2,500,000 and its debt repayment requirements are $1,000,000. Selling price per barrel of oil is $18 and variable costs per barrel are $10. Determine the breakeven output (in dollars). Determine the number of bar..
If the farmer rented her land from a landowner, would she have the same incentives to control soil erosion. Illustrate would the landowner have an incentive to control erosion.
Suppose that the firm has determined its profits-maximizing level of inputs in the short-run. Now the price of a fixed input goes up. How will this change the behaviour of the firm? What will happen to profits? Why?
Evaluate the success or failure of the intervention in achieving its objectives and develop conclusions. Defend the use of or discontinuation of the selected intervention.
Republicans running for national office often run on a platform of lowering the income tax rate. They argue an income tax reduction is needed to spur employment and economic growth.
Labor market ex for monopsonist. Labor Demand is Qd= 220-5w. Labor supply is Qs=-45+8w. Union has no market power, and so league acts as a monoposonsit facing marginal expenditure curve. ME=Q/4+5.624 (This is the derivative of (labor supply curve sol..
Would you expect the demand for a monopolistically competitive firm’s product to be more or less elastic than that for a monopolist’s product? Explain.
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