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If the number of employed people in a population is 149,444 , the unemployment rate 5%, and the Labor Force participation rate 62.5%, calculate the working age population, number of unemployed people, and the Labor Force.
Two identical firms, Firm 1 and Firm 2, compete in quantity in a market where inverse demand is P(Q) = 100 − Q and there exists a constant marginal cost of 20 per unit. Find the Cournot equilibrium. Find the response functions q1(q2) and q2(q1)
Marcella operates a small, but very successful art gallery. All but one of the following can be classified as a variable cost arising from the physical inputs Marcella required to operate her business.
Find the output levels where total product and average product are maximized. What is marginal product when total product is zero?
Describe the macro-economic conditions that have led to the current oil price. You will be graded on your understanding of the macro-economic variables, their specific quantifiable variances, and the motivations of the actors that led to these condit..
Which one of the following government actions is intended to generate positive externalities.
Show that the consumers optimal consumption bundle will change despite them being able to afford their original bundle.
What rate of output maximizes profits? What is MR at the rate of output? What is price? If output is increased beyond that point, what is the relationship of MC to MR? How will this affect total profits?
What was the accounting profit for the new business. What was the economic profit or loss. Explain your calculations for both questions.
Suppose Ann's marginal rate of substitution between good y and good x is -2. Bill's marginal rate of substitution between good y and good x is -3. each consumer has 10 units of each good. Propose a trade between Ann and Bill that would make each cons..
In the early 1970s, the six largest manufacturers of ready-to-eat breakfast cereals shared 95 percent of the market. Over the proceeding 20 years, these manufacturers introduced over 80 new varieties of cereals. How would you evaluate this strategy f..
Hershey Park sells tickets at the gate and at local municipal offices. There are two groups of people. Suppose that the demand function for people who purchase tickets at the gate is QG = 10,000 – 100pG and that demand function for people who purchas..
How much must be deposited each month for 9 months at an interest rate of 9.6% per month to allow for a single withdrawal of $54,273.31 at the same time as the last deposit?
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