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Q1. Referring to the output and substitution effects, explain why an increase in the wage rate for autoworkers will generate more of a negative employment response in the long run than in the short run. Suppose there are no productivity raise and no change in the price of non-labor resources.
Q2. Price (Pg): $10100 (tuition)Quantity: 27868 (enrollment)ε = -0.5 for price elasticity of demandη = 2.0 for price elasticity of supply if we increase price by 5% how much it will effect Q?
Q3. Explain the difference between macroeconomics and microeconomics.
Evaluate the results of the regression equation tells managers and how it is likely to impact decisions made related to maximizing profitability.
A consumer must pay $10 per visit to an amusement park for the first five visits but only $5 per visit beyond five visits. What does the budget.
Does the law of diminishing marginal returns apply to this firm's production process. If so, explain why and find the quantity of labor at which diminishing marginal returns.
Contrast two or three key economic factors for this country with the United State economy also comment.
Describe a skimming price and a penetration price, and advise them whether they should charge a skimming price or a penetration price, with supportive reasoning for and against each pricing alternative.
Assuming fuel is one of the main inputs for many sectors. When a war breaks out in Country X, which is the main producer for fuel in the world, it causes fuel supply disruptions in the world.
The Coca-Cola Company has 40% of the cola market. Determine the probability that a sample proportion
Using the slope of the health expenditure function, predict the change in per capita health care expenditures that would result.
As an analyst at the Treasury Department, you have been asked to predict the behavior of key macroeconomic variables for different scenarios on the state of policy between the US and Europe.
Compute most favorable output also profit for each firm and the market price. Also, compute the resulting profit of cartel.
Depict the von Neumann-Morgenstern utility index u in a diagram
What are the strengths and weaknesses of the measure of welfare used by many economists: consumer welfare plus producer surplus.
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