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Pam has a weekly unearned income of $200 (which comes from winning a beauty contest). She works 30 hours a week (out of a maximal 100 hours in the week) at a wage rate of $10. Her wage increases to $14/hour. Pam has a compensated wage elasticity of 0.4 and an income elasticity of -0.5.
a) Find the percentage increase in Pam's wage rate due to this wage change. Write down the formula for calculating an uncompensated wage elasticity from the compensated wage elasticity and the income elasticity.
b) Calculate Pam's uncompensated wage elasticity. Is it positive or negative? What does this say about the relative sizes of the income and substitution effects?
c) What is the percentage change in hours worked due to the substitution effect and the income effect of the wage increase?
A group of enterprising engineering students has developed a process for extracting combustible methane gas from cow manure (don't worry the exhaust is odorless). With a specially adapted internal combustion engine, the students claim that an auto..
Equilibrium in the market-place means that quantity supplied 'Qs' equals quantity demanded 'Qd'.
janelle aand brian each plan to spend $20,000 on the styling and gas mileafe features of a new car. They can choose all styling, all gas mileage, or som combination of two. Janelle doesnot care at all about styling and want the best gas mileage po..
The short-run aggregate supply curve (SRAS) can be written as follows: Y = Yf b (p - pe), where Y = real GDP, Yf = full-employment real GDP, p = price level, pe = expected price level, and b is a positive coefficient. The SRAS can be re-written as..
Suppose Always There Wireless serves 100 high-high demand wireless consumers, each of whose monthly demand curve for minutes of wireless service is and 300 low-demand consumers.
Give some examples of scope limitations. What should an auditor do if a limitation on scope is imposed by circumstances beyond the client's control?
Global trade can stimulate economic growth and alleviate poverty.
Compute the discount factor 1/(1+r)^t for r=1, 5, or 10 perent interest rates and t=30 and 50 years. remember that 1 percent is .01. based on your computation, is teh choice of discount factor important for deciding whether to do somehtinga bout..
A town population has an annual income that is distributed according to a uniform distribution between $0 and $100k. Let X be the annual income. The most preferred school funding level of an individual is given as a function F=$2000+0.02*X, where F i..
Assume that $5000 is deposited today, three years from now, six years from now, nine years from now, and twelve years from now in a savings account which earns 5% annual interest. What is the balance at the end of year 13
find the following values for a single cash flowa the future value of 500 invested at 8 percent for one yearb the
i have a bag that contains 24 marbles. 9 are red 15 are green. if i take one marble out at random what is the
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