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1. Think of a goods and services market for coffee. A wild fire destroys half of the coffee bean crop. Which curve is affected and in what direction? What will happen to equilibrium, price and quantity in that market?
2. Think of a financial capital market for a stock. News comes out that this company is going to lose money in the upcoming quarter. Which curve is affected and in what direction? What will happen to the equilibrium wage and quantity of labor?
3. Think of a labor market for automakers. A new process on the line makes it necessary for the firm to add a few more workers on each shift. Which curve is affected and in what direction? What will happen to the equilibrium, wage and quantity of labor?
4. Think of a labor market for skilled workers. LCC starts a program called “Get a skill, get a job” which promises that at the end of training, you’ll get a job or your money back. Which curve is affected and in what direction? What will happen to the equilibrium wage and quantity of labor?
For the price function p(x) = 10 − sqrt 3x where p is in dollars and x is the number sold in hundreds (0 ≤ x ≤ 30), use R(12) and MR(12) to approximate the revenue when 1240 items are sold. [Hint: Revenue is price times quantity.] $ How much will the..
Suppose two firms engage in Cournot (quantity) com- petition in a market described by the following demand curve: Q(p) = 40 − 2p. (1) Assume that the firms each have marginal costs equal to zero. Let q1 and q2 be the quantities produced by each firm ..
potter corporation sells office supplies to government agencies. the company reports the following selected account
A multiplex movie theater estimates the week-end demand for afternoon shows to be D(p) = 1000-80p and the demand for evening shows to be D(p) = 1000-50p. The maximum seating capacity of the theater is 550 and the marginal cost is zero (e.g., variable..
Arguments against in-kind transfers do not include which of the following?
Does the best regression model that you ran in problem 27 have severe serial correlation? How can you tell?
A competitive firm has the production function q = f(L,K) = sqrtL + 2sqrtK , for which MPL= 1/2sqrtL and MPK = 1/sqrtK. Find the firm's conditional factor demands for L and K at the factor prices w = 4 and r = 2. What is the firm's (total) cost curve..
Suppose the demand for X is given by Qxd = 100 – 2PX – 4PY + 10M + 2A, where PX represents the price of good X, PY is the price of good Y, M is income, and A is the amount of advertising on good X. Based on this information, we know that good X is a:
What is the unemployment rate for this simple economy? What is the labor force participation rate for this simple economy? Suppose the working-age population of a fictional economy falls into the following categories: 90 are retired or homemakers; 60..
Firms that operate in industries that have the characteristics of monopolistic competition of monopolistic competition advertise heavily just to get their brand names known and try to convince customers that their products are "unique" while the prod..
If GDP increases in nominal terms from $600 billion in 1994 to $663 billion in 1996 and the price index (1992 = 100) rises from 120 to 130, how much real growth (in 1992 dollars) in GDP occurred between 1994 and 1996?
An investment of $20,000 is to be made on a computer system that will last for 6 years and have a zero salvage value at that time. Operating, maintenance and software costs are projected to be $15,000 the first three years and $20,000 the last 3 year..
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