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1) The base pay for army recruits is $16,000 per year. The army has been recruiting 100,000 new soldiers each year. But this is found to be inadequate given the need for troops in abroad. The Pentagon decides that the total number of new recruits should be increased to 150,000. If the price elasticity of supply for army recruits is 2, what would have to be the increase in base pay to attract the desired number of recruits?
2) Be prepared to do the following sort of calculation: In 1982 Harvey Homeowner bought a new home for $138,000. In August of 2004 he sold the home for $199,000. If 1982 was the base year for the CPI and if it stood at 189.5 in 2004 when he sold his home, how did Mr. Homeowner make out on his investment?
Find the upper and lower bounds on the prices of the European Call and the Put options and then find their ranges. (i.e. all possible values).
Why does the concept of money neutrality imply that monetary policy to stimulate investment will be ineffective in the long run?
There are two types of customers in a market for sheet metal. Let P represent the market price.
Discuss the advantages and disadvantages of doing business as a Sole Proprietorship, Partnership, Corporation and Limited Liability Company.
An economy has a consumption function of C = 400 + .75(DI) The following values are fixed : G , T = 1000 NX = 50 I = 750 Suppose that the CPI ( i.e., the "Price Level") is currently equal to 115. What is the equilibrium real GDP (on the demand side)?
Explain how can multiplier have a -ve effect. What is the relationship among the multiplier as well as the marginal propensities.
The inverse demand curve for widgets is P = 130−2Q. There are two firms, A and B, who produce widgets. Each firm has a constant marginal and average cost of producing the good that equals 10. Write down the profit function of each firm. Suppose there..
Describe the mechanism that leads from a change in fiscal policy to changes in interest rates, the exchange rate, and the current account balance. Do the same for monetary policy.
Johnson Metal Company uses 60,000 gallons of chemicals each year. The cost of ordering the chemicals is $200 per order, and the cost of carrying the pigment in inventory is $1 per gallon per year. The Company uses chemicals at a constant rate every d..
Suppose that there are 10 million unemployed workers in a country and 90 million employed workers. Suppose we know that the fraction of workers who lose their jobs in a given month is .02 and the probability that unemployed workers find work in a giv..
Why is this statement wrong: "Economists argue that lower prices will result in fewer units being supplied. However, there are exceptions to this rule. For example, in 1972, a very simple 10-digit electronic calculator sold for $120. Lower prices di..
Graph the demand curve for X given the above information. Elucidate how will the demand curve change if M falls to 35,000.
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