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MICRO: Consumer Theory: Against the background of an increase in the tax rate imposed on wage income, explain how the concepts of income and substitution effects may be used to analyse the labour supply response of an: Individual who is already working in the paid labour market and Individual who is considering working in the paid labour market.
The Marriott hotel chain typically charges 20% more for rooms Sunday-Thursday night than they do on weekend in “downtown” urban business markets. What type of pricing strategy does this describe and why is this strategy effective? EXPLAIN.
Assume that a “leader country” has real GDP per capita of $50,000, whereas a “follower country” has real GDP per capita of $25,000. Next suppose that the growth of real GDP per capita falls to zero percent in the leader country and rises to 14 percen..
How do concepts of dharma, karma, and samsara shape the social order in Hindu societies? What do these concepts have to do with the ideology of the caste/varna system?
Explain why a stable 5% inflation rate can be preferable to one that averages 4% but varies between 1–7% regularly. Explain the difference between active and passive monetary policy. Suppose the economy is in long-run equilibrium, with real GDP at $1..
Suppose you live in the United States and plan a vacation in London. You want to find the least expensive airfare ticket, so you request quotes from Independence Airline (a U.S. airline) and Queen's Airways (a U.K. airline). The following table shows..
Suppose nominal GDP rose from 6250 billion in 1995 to 6630 billion in 1996. If the GDP deflator rose from 125 to 130 during this time, what was the percent growth in real GDP? Given the data in part (a), what was the rate of inflation for goods and s..
Bridge & Co. has to make a loan payment of $3937 at the end of each year for 24 years. In present day dollars, how much will Bridge & Co. pay in total for the loan? Assume an interest rate of 2% compounded annually.
A family that won a $100,000 prize on America’s Funniest Home Videos decided to put one-half of the money in a college fun for their child who was responsible for the prize. If the fund earned interest at 6% per year, how much was in the account 14 y..
If a manager who does not own a company is allowed to make decisions for the company, then:
Oil prices are highly sensitive to global events, such as hurricanes, terrorist acts and foreign conflicts. One way to stabilize the price of energy is for our country to become independent of foreign supplies. However, exploring for natural gas and ..
Suppose the government sets a controlled price below the market clearing price for a commodity. Draw a diagram and use the idea of a maximum buying price to explain whether the total price paid by the buyers will end up lower or higher than before.
What is "monopolistic" about monopolistic competition? What is "competitive" about a monopolistically competitive market? Please explain.
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