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Consider the market for interior painters. The demand curve for painters is L = 19 – w, and the supply curve is L = 4 + 2w, where L is the number of painters and w is wage.
a) Find the equilibrium wage and number of painters in this market. Graph your work.
b) Suppose the town government imposes a $2 payroll tax on the wages of painters. What is the change in employment? How much do painters receive after the tax? How much due employers pay? How much does the government collect in revenue?
What would be drain on U.S. GDP (as a percentage) from paying interest on net foreign debt. What if net foreign debt were 100 percent of GDP? Size of its foreign debt.
Suppose that the inventor of a weather-forecasting technique determines that the weather during the growing season will be perfect, causing bumper harvest. Explain how the inventor could use this information to make profitable investments.
Use your own example in order to illustrate these concepts. Can the marginal utility from a product be negative? If yes, give an example.
Assume that you are going to start a small business of your own. Further, imagine that you are able to adequately differentiate your product, or service so that you can establish your business as a monopolistically competitive firm. Describe the busi..
The marginal social benefit of a good that exhibits positive externalities is ( Greater or Less than ) the private social benefit of that good. Why?
Given below is information on all of the entries in Balance of Payments of a hypothetical developing country: What is the value of current account balance? What is the value of capital account balance? What is the value of cash reserve account?
Suppose that in 1990, the price of bread was $2 per loaf and the price of milk was $1 per gallon. By 2000, the price of brad rises to $3 per loaf, and the price of milk rises to $2 per gallon. Assume that consumers have convex indifference curves, an..
Liberty Airways is considering an investment of $800,000 in ticket purchasing kiosks at selected airports. The kiosks have an expedited life of four years. Extra ticket sales are expected to be $60,000 per year at a discount price of $40 per ticket. ..
What are the positive and negative aspects of budget deficits and surpluses? What policy is best for today's economy? Explain your answer.
Illustrate what would be the pes0-dollar exchange rate be if purchasing-power parity holds. If a monetary expansion caused all prices in Mexico to double.
Listed in descending order of numerical importance, the business population is comprised of: a) sole proprietorships, corporations, and partnerships b) sole proprietorships, partnerships and corporations c) partnerships, corporations, and sole propri..
Different products have different elasticities. Heart medication, for example, is inelastic, and corn is elastic.
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