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A young college student on a tight budget is campaigning for an open city council seat. A friend in her economics class estimates that voters are influenced by TV and newspaper ads according to the following function: Votes = 300TV0.6 NP0.2, where TV represents the number of television ads and NP represents the number of newspaper ads. Thus, the marginal product of a newspaper ad is 60TV0.6 NP–0.8 and the marginal product of a TV ad is 180TV–0.4 NP0.2. A local television ad costs $400, and a local newspaper ad costs $250. If the candidate needs 1,800 votes to win, what is the lowest-cost combination of newspaper and TV ads that will bring her victory?
The yield curve shows at any point in time:
Assume that skilled wages are twice that of unskilled wages, and that half of the population fits into each category, skilled and unskilled. Graph the Lorenz curve and calculate the gini coefficient.
Describe how the product has changed in price and explain whether the price change is due to supply or demand. Did the change in price affect your decision to purchase the item?
The defined benefits pension fund of G-Tech Electronics has a net value of $2.71 billion. The company is switching to a defined contribution pension plan.
Suppose that the U.S. government decides to charge wine producers a tax. Before the tax, 35,000 bottles of wine were sold every week at a price of $7 per bottle. After the tax, 30,000 bottles of wine are sold every week; consumers pay $9 per bottle, ..
A firm pays a wage of $40 per hour to 25 unskilled workers, $60 to semi-skilled workers, and $80 to 10 skilled workers. Find the weighted average wage paid by the firm.
What is the deadweight loss if buyers, instead of vendors, are required to pay the tax of $4 for each unit of the good sold.
Jay Wechsler agrees to purchase a car from a local dealer, the Con Car Co. The purchase price is $15,000. Jay has the cash to pay the entire amount and wants to do so. Con's sales manager ises the following argument to convince him to finance the car..
What is the relationship between the ethical obligation of honesty and truth telling? Is it ever proper to not tell someone something he or she has a right to know? If so describe under what circumstances this might be the case How does this square w..
Suppose that the income elasticity of demand for hardback books is 2.5, that household incomes are rising at 2% a year., and that 2 million are initially being sold per year. The own price elasticity of demand is -0.5 and the cross-price elasticity o..
Explain how many hours of leisure does she consume. How many dollars of consumption does she consume.
Why is there such a difference in Asia’s share of global real GDP, depending on whether the computation uses purchasing power, parities, or exchange rates? Why is Asia’s “economic size” so much smaller on a per capita basis than on al absolute basis?
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