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1. Suppose Bob owns a pizza place in a competitive market. If an additional worker will cost Bob $200 and offers marginal productivity of 40 pizzas, what is the marginal cost of producing a pizza? Show your work and explain your reasoning.
2. Consider the market for managers. Assume the opportunity cost of earning the MBA decreases for many people. Let’s assume it typically takes about two years to complete the MBA, so what happens to the equilibrium wage for managers in two years other things equal? Draw a picture use it to explain your reasoning.
In 1980, Stewie bought a Walkman for $29. If the price index was 25 in 1980 and the price index today is 129, then what is the price of the Walkman in today's dollars?
Suppose that an MBA degree creates no externality because the benefits of an MBA are internalized by the student in the form of higher wages. If the government offers subsidies for MBAs, then which of the following statements is correct?
Demonstrate graphically the cost of income taxation of 30% to consumers and producers for an income of $27,908?
1. Define supply as an economist would. 2. List and explain three (3) non-price factors that will shift the supply curve.
Illustrate what is elasticity of demand at profit maximizing level of output. Without use of any calculations, determine wherefirm=s total revenue would increase, decrease, or stay same if CRAPCO attempted to increase its price by .2%. Explain how..
What product characteristic refers to the situation where consumers place higher value on a product if other consumers also use it?
china raises reserve requirementsthe peoples bank of china the countrys central bank raised the reserve requirements of
A U.S government bond matures in 10 years. It's quoted price is now 96.4, which means the buyer will pay $96.40 per $100 of the bond's face value. The bond pays 5% interest on its face value each year. If $10,000 (the face value) worth of these bonds..
Wage rates tend to change with national rather than with industry productivity because:
Sheryl spends all her leisure time and all her money on sailing. She doesn’t value leisure time if she can’t sail, and she can only sail if she has leisure time. How many hours will she work if she earns $20 per hour? Find a formula for her labor sup..
Elucidate how the investor's curves would appear if she adopts the 50:50 strategies but would not accept any additional return.
the combined production of East also West Wakovia will be Elucidate how much tobacco also Elucidate how much corn.
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