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Consider the following supply and demand equations for berry pickers. Demand: W = 22-0.4L; supply: W = 10+0.2L.
(a) Plot these functions and calculate the equilibrium wage and employment level.
(b) Illustrate in the diagram the areas defining transfer earnings and rent.
(c) Compute the transfer earnings and rent components of the total wage bill.
a) How many firms will operate in this market at a long-run equilibrium b) How would your answer change if each firm faced a price elasticity of demand of -4/3 and charged a profit maximizing price of $400 per unit
Explain the multiplier intuitively. Why is it that an increase in planned investment of $100 raises equilibrium output by more than $100 Why is the effect on equilibrium output finite How do we know that the multiplier is 1/MPS
A competitive industry currently consists of N= 10 identical firms. An individual firm's total cost function is given by TC = 0.5q2 + 200. Market demand is given by Q = 3000-5P. In the short run, how much will each firm produce in the equilibrium
A sample of 500 business professionals found that 30% chose an airline based on price. If the population proportion of all business professionals who select an airline based on price is .27 What is the probability
According to Oil & Gas Journal, the proven oil reserves of the top 12 oil producers was 1137 billion barrels of oil in 2007. In that year, the U.S. Energy Information Administration reported that the daily oil production
Perform a macroeconomic analysis of the currency against US dollar over 5 year period ending in 2010.
Calculate the percentage return on the security if the payoff to the security in one year is $1,000, $1,500, $2,000, or $2,500. (Note: This is the total amount returned to the investor, so you may just calculate the total return and not worry abou..
Labor Supply a. Ann's utility can be represented by the function: U (C,L) = ln (C-10) + 3/5 ln(L). She has 16 hours/day to divide into work (H) and leisure (L). She has no unearned income. Derive the formula for her Marginal Rate of Substitution a..
Its total cost of production is given by TC = 800 + 18 Q + 2 Q2, and thus its marginal cost is MC = 18 + 4 Q. The market price is currently P = $54. In the short run, what is the volume of output that maximizes Commodity Inc.'s profits.
Consider a seller who values a car at $9,500 and a buyer who values the same car at $10,000. What total surplus will result from a transaction between the two when the seller is faced with the following sales tax rates: 0%, 2%, 4%, 6%, and 8%
while costs are expected to increase from $20,000 in year 1 by $10,000 each year. If there is no salvage value at the end of 5 years, what is the annual equivalent worth of the project assuming a MARR of 12%
what is the percentage increase in production when valued at 2009 prices is 21.6percent. answer to 1 decimal place.2008
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