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Assume the following data for a country: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10. What is the size of the labor force? What is the unemployment rate?
Suppose that the price of Hershey’s chocolate increases. What would happen to equilibrium price and quantity in the market for Godiva chocolate? Be able to draw the graph that illustrates your answer.
You are making $1,000 quarterly deposits into a fund that pays 8% interest compounded quarterly. What would the balance be at the end of 10 years?
A student loan totals $18,000 a graduation. The interest rate is 6%, and there will be 60 payments beginning 1 month after graduation. If this student received $1,500 as a graduation present and uses it to pay off an extra $1500 in the first month, w..
What is your opinion of this economics course? Did it meet your expectations? What suggestions can you offer for improvement of this course for future students?
The government plans to rise state spending by $2bn in the next fiscal year.
Barney's Liquids and Aunt Bee's Lemonade plan to expand their international partnership for the marketing and distribution of ready-to-drink tea products by adding 12 countries to their current markets. If the agreement is reached, operations are exp..
Consider a free market with demand equal to Q = 60-4P and supply equal to Q=2P. What is the value of consumer surplus? What is the value of producer surplus?
Alice has 10lbs of cheese and 12 bottles of wine while bill has 6lbs of cheese and 8 bottles of wine. Is this an efficient allocation? If no find a Preto superior allocation. Indicate the contract curve.
If the total fixed cost increases to $5,000, Elucidate how many papers should be sold daily for profit maximization.
Suppose a firm’s production function is given by the following equation: Q = min(5K, 10L). If the firm is using 4 units of capital and 3 units of labor, how much output are they producing? Is this firm operating efficiently? Why or why not?
Assume that the price of x is $2 and the price of y is $1 and Brian has an income of $10. How much does he consume of each good? Assume Brian's income increases to 20$, calculate his demand for each good and explain whether Brian considers x and y to..
If the central bank (the Federal Reserve) keeps printing money and lowering the interest rates to get consumers buy and businesses to borrow money, then the economy will improve. Do you agree with the statement? Hint: Think about the short term and i..
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