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Kay Evans just completed her B.S. degree and is considering pursuing doctoral (Ph.D.) studies in economics. If Kay takes a job immediately a job after graduation, she can earn $35,000 during the first year, with an anticipated raise of $4,000 per year over the next five years. If Kay pursues the doctorate, five more years of school are required. Kay has been offered an assistantship paying $9,500 per year plus tuition. Books and computer purchases needed for her study will cost an average of $1,500 per year. These costs will not be incurred if Kay takes a job immediately. Upon graduation, Kay expects an annual income level of $55,000 during her first year of teaching. The growth rate in Kay s teaching salary is expected to equal the growth rate of the income she would make if she did not pursue the Ph.D. How should Kay evaluate her decision to pursue a Ph.D.? What other information do you need? What factors other than salary should be considered?
Calculate the price elasticity of demand for paint and Illustrate the calculations.
M.C. Hammer is selling off part of his very large wardrobe of puffy pants. The market price of each pair of pants depends on both the number of sequins on the pants and their age. Let this price be, in dollars, 20+.01S+2A, where S is the number of..
Assume the United States increases the tariff on automobiles imported from Germany (and other foreign countries). What is the effect of this tariff-rate increase.
Elucidate how policy would achieve economic growth, and at the same time engage in poverty reduction.
Assume a firm has just introduced a new line of ceramic insulators for which it has received patent protection, effectively granting the company monopoly status in the industry.
The economy is initially in long-run equilibrium. The AD curve shifts to the right and the price level rises. Assuming that the economy is self-regulating, the SRAS curve will shift to the left and the price level will rise even further.
In perfect competition, profits will disappear in the long run as new firms enter the market; in a monopoly, profits may exist in the long run. In the short run, both monopoly and perfect competition attempt to minimize total costs.
As in the case of oligopoly markets, rivals may select to compete aggressively, non-aggressively or in non-price dimensions.
How much have prices risen between 2000 and 2010? Compare the answers given by the Laspeyres and Passche price indexes.
Suppose that the software market currently has only one firm operating - microhard. A new firm Newvell could enter the industry.
Illustrate what are the long-run effects on prices, output, and profits in monopolistic and monopolistically competitive industries.
Assume that the soft coal industry is a competitive industry and it is in long run equilibrium. Now assume that the firms in the industry form a cartel.
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