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Suppose that the wage distribution for Riverside is given below:
Sector
Number of Workers
Wage
A
40
$10 (per hour)
B
30
$5
C
a. Compute the level of wage inequality for the town using the 90th / 10th percentile ratio and the 90th / 50th and 50th /10th ratios. (Yes, this is as easy as it looks)
What effects would each of the following have on aggregate demand or aggregate supply? In each case use a diagram to show the expected effects on the equilibrium price level and the level of real output. Assume all other things remain constant.
Thorpe Mfg., Inc., is currently operating at only 88 percent of fixed asset capacity. Current sales are $320,000. Suppose fixed assets are $250,000 and sales are projected to grow to $357,000. How much (in dollars) in new fixed assets is required to ..
When prices are (p1, p2) = (1, 2) a consumer demands (x1, x2) = (1, 2), and when prices are (p1, p2) = (2, 1) the consumer demands (x1, x2) = (2, 1). Is this behavior consistent with the model of maximizing behavior?
Using the demand curve shifters (PYNTE), explain whether each of the following will increase or decrease demand for cell phones. Tell whether the demand curve shifts to the right or to the left.
Why does the price of airline tickets rise during the summer months? The demand for air travel shifts to the left, increasing price and quantity supplied. The quantity of air travel demanded decreases, increasing price and quantity supplied.
Will countries be better off under a multilateral economic liberalization regime or under a system of regional economic integration? Why? How useful is economic geography in explaining the success of regional economic integration blocs? Give examples..
Jones Machinery specializes in developing weed-harvesting equipment that is used to clear small lakes of weeds. Robert Jones, president of JonesMachinery, is convinced that harvesting weeds is far better than using chemicals to kill weeds. Calculate ..
Suppose that a 20% increase in the price of gasoline causes a 5% decrease in the consumption of gasoline and a 30% drop in the sales of SUVs. What can you say about elasticities?
show the effects of an increase in the Chinese purchases of U.S. Treasury bonds. How do these purchases affect the value of the dollar and of the yuan?
On a trip to the grocery store you want to purchase oranges, but the price is pretty high due to the canker disease that has affected the crops. What are your choices? Do you have alternatives? What causes a shift in the demand or supply of oranges (..
Use the following information for the next 10 questions. You should draw a graph that depicts the situation below and use your picture to answer the questions. Assume that wages and prices are sticky and that we start at a long run equilibrium. Assum..
The automobile industry is one of the industries seriously affected by the recession that began in late 2007. General Motors and Ford are among the companies affected by this economic slowdown. Discuss income and price elasticities of demand for cars..
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