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Let’s consider two smokers A and B who, following a 10% increase in the price of cigarettes, cut their smoking by 2% and 20% respectively. a) What is the price elasticity of demand for each consumer? Show all the steps of your calculation to get full credit.
Assume the value of a statistical life is $85,000,000 and that workers in more dangerous jobs are exposed to an additional 1/105 risk of death. How much more should the workers in the more dangerous jobs be paid (compared to the other workers)?
Suppose that the production function is y=ka, where y and k denote production per unit of effective labor and capital per unit of effective labor, respectively. Suppose also that the saving rate, the depreciation rate, the growth rate of the populati..
What happens in a decreasing-cost industry when some firms leave and the industry's output contracts?
Pepsi uses advertising to create the impression that Pepsi is superior to any other soft drink. Pepsi is attempting to:
Suppose we have a plot of land. The production function relating labor L to output Q is given by Q = 20L - L^2 . Suppose the wage rate is $6 per worker per day. The price p of each unit of output is $1. Under open access, how many workers are there? ..
q1. josephine makes 100 a day as a flower shop attendant. she takes off two days of work without pay to travel to
Describe each alternative`s break even pontin unit. At what volume of output would the two alternative yield the same profit.
Why is the continuing income inequality in the US a problem for the economy? Does it matter that so many people own such a low percentage of total wealth in this country?
The nation of Isolani forbids international trade. In Isolani, you can exchange 1 car for 5 motorcycles. In other countries, you can exchange 1 car for 4 motorcycles. These facts indicate that
Suppose the price level and value of the U.S. dollar in year one are 1 and $1, respectively. If the price level rises to 1.20 in year two, what is the new value of the dollar?
Thoreau has preferences for consumption goods (C) and time spent on leisure (L). The utility function is u(C, L) = CL. The household also has a home production technology summarized by a production function. Now suppose that there is a competitive fi..
The Chaplin Company issued bonds several years ago with a 6.5% coupon rate and semi-annual coupon payments. If the bonds have 12 years to maturity and Charlie requires a 4.75% rate of return for this type of investment, what is the value of the bonds..
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