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Suppose there are 100 million workers in the economy, and full employment is defined as 96% of them being employed. Also suppose that, given current technology, each $10 billion in output employs one million workers. What is the full-employment level of output? If actual output is $850 billion, what would you expect the unemployment rate to be?
Bookselling is an industry where product differentiation matters. Since books themselves are identical, retailers must concentrate on other things to attract and retain customers. Explain what type of market structure is presented in the movie. Expla..
Philosopher Robert Nozick makes the argument that taxation is akin to forced labor. If a person is required to work for the benefit of others against his or her will, then Nozick suggests the labor is forced. By imposing taxation on people, the U.S. ..
Tina is very particular about her purchases: She only buys hot dogs and soda, and every time she makes purchases she buys exactly three hot dogs and soda. She would never buy three hot dogs without a soda, and would never buy a soda without three hot..
Suppose there is a five per cent increase in the prices of SUVs, salt, and rental apartments. Explain whether you think the income effect in each case would be small, large, and why.
Firms 1 and 2 produce differentiated products at no cost. Demands are given by Q d 1 (p1, p2) = 1 − p1 + p2 3 and Q d 2 (p1, p2) = 1 + p1 3 − p2. Calculate the Bertrand equilibrium prices. Determine the symmetric prices (p1 = p2 = p ∗ ) that maximize..
A decrease in the Discount Rate is an indication that monetary policy is contractionary.
Using the same production function as in question 4 {ie: q = (K^1/2 + L^1/2)^2} suppose that the firm is now operating in the long-run. Solve for the long-run cost function (i.e. total costs as a function of input prices and output).
Calculate the annualized inflation rate of the price of meat over the periods: (a) May-July 1923, (b) July-September 1923, (c) October 1923,(d) November 1923.
According to the Wall Street Journal (Nov. 1, 1995), net income for World Airways in the third quarter of 1995 was $3.359 million or 33 cents per share. This is a significant rebound from its 1994 third quarter performance in which World Airways' net..
Why manufacturer guarantees the computer for one year only. The cost of the extended warranty is $150. Analyze this proposition using the concepts you learned in the module on risk analysis.
Briefly explain whether you agree with the following argument: "Unfortunately, Bolivia does not have a comparative advantage with respect to the United States in the production of any good or service."
__________, a term referring to the fact that for many good, as the level of production increases, the average cost of producing each individual unit declines. Which of the following best characterizes the circular flow of income? “if I didn’t have c..
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