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Suppose a firm's short-run production function is given by Q = F(L) = 10L. L stands for number of workers. If the wage rate is $15 and the firm has sunk costs of $1000 what is the firm’s total cost function? Total cost should be a function of Q.
Discuss the pros and cons of free trade, considering the perspectives of both advocates and critics.
Crepe Creations is considering franchising its unique brand of crepes to stall-holders on Hermoza Beach, which is five miles long. CC estimates that on an average day there are 1,000 sunbathers evenly spread along the beach and that each sunbather wi..
q1. in the short run the interest rate parity model is considered to be important in determining the expectations about
What is the difference between being unemployed and being out of the labor force? A country with a population of eight million adults has five million employed, 500,000 unemployed, and the rest of the adult population is out of the labor force.
To critically evaluate Coursera's competitive strategy in relation to MOOCs industry and other traditional higher education providers (e.g., universities). Relevant concepts/theory should be used in the evaluation (e.g., Porter generic strategy or..
How might you construct a measure of the change in the price level. Illustrate what additional information might you need to construct your measure.
Describe the two possible effects that an increase in the wage rate can have on labor supply. Which effect do you expect to dominate under normal circumstances?
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 market demand and supply function for VCR movie rentals are: QD= 10 - 0.04p and QS 3.8P = 4. Calculate the equilibrium quantity and price.
One of the central questions that society must answer regarding medical care is: What is the optimal mix of medical care expenses? Which of the following activities involve Mary playing a game of chance? Which of the following is an example of a game..
If you had to create an instrument that measured the prosperity of a nation, Illustrate what would be the three most important aspects of the society you would include.
Boris budgets $9 weekly for his morning coffee with milk. He likes it if it is prepared with 4 parts coffee, 1 part milk. (Milk and coffee are perfect complements here). Coffee costs $1/oz, and milk $0.5/oz. Draw his budget constraint and indifferenc..
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