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Sam currently earns $30,000 per year. the governments is considering a policy that would increase sam's income by 12%, but raise all prices by 8%. what is sam's compensating variation for the proposed policy? can you compute it without knowing his preferences? why or why not?
How much would this competitive firm produce and sell when the price of the good is $3 and what would be the total profit (total revenues minus total cost) made by the firm if the price of the good is $3?
A domestic shoe company distributes running shoes and tennis shoes for $95 per pair. The marginal cost of producing a pair of running shoes is $60, and the marginal cost of producing a pair of tennis shoes is $45.
Suppose that a student who has completed her undergraduate degree and is planniing pursuing an MBA as a full time student. The cost of the second year MBA program she is planning is $45,000 for tuition.
Apply the substitution and income effects to the purchase of meat given the lower price. How is this related to the law of demand? Hint: use chicken as a substitute good in your discussion.
What is Tom's 'real' hourly wage rate? How much will it be if he had 128 hours of leisure (= worked 40 hours)d. Tom chooses to work 40 hours a week. On the above graph, draw Tom's indifference curves between leisure and money so that this is his opt..
What incentives does a capitates physician have to keep his patients happy? What incentive does an FFS physician have?
Consider the competitive market served by many domestic and foreign firms. The domestic demand for such firm's product is Qd=500-1.5P. The supply function of domestic firms is Qsd=50+.5P, while that of the foreign firms is Qsf=250.
Use a diagram to show consumer surplus price of 8.00and production of 6 million meals per day. If price remain at 8.00but production were cut to 3 million meals per day.
Chamber of Commerce, and your colleague has written a position paper and asked you to proof read it. In that report, she concludes; "in 2009, the U.S. exports were $1.571 billion and imports were $1.946 billion, with a resulting trade deficit of $..
Compute real GDP for 2004 and 2005 using 2004 prices. By what percent did real GDP grow? Compute the value of the price index for GDP for 2005 using 2004 as the base year. By what percent did prices increase?
A country is described by the Solow Model with a production function y = k1/2 where y is output per worker and k is capital per worker. Now suppose that the fraction of output invested (or saved) is 50%.
Explain what could happen in the future with each of these trends below and come up with three(3) more trends not listed and do the same analysis for your three additions.
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