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Qs=2P-20 (supply) QD=80-2P (Demand) where Q is thousands of hours of floor reconditioning per month, and P is the price per hour.a. algebraically determine the market equilibrium price/output combination.
In the economy of Wrexington in 2008, consumption was one-half of gdp, government purchases were $2000 more than investment, investment was one-sixth of gdp, and the value of imports exceeded the value of exports by $500.
Assume that demand for a commodity is represented by the equation P = 10 - 0.2 Q d, and supply by the equation P = 2 + 0.2 Qs where Qd and Q s are quantity demanded and quantity supplied, respectively, and P is the Price.
Provide three examples of operating firm formed as, sole proprietorship, partnership and corporation. Describe how you decided on categorizing them.
Chez Henri is a restaurant chain that operates in 40 different cities. It hired an economist to estimate the factors affecting the demand for its sales. The following equation was estimated using cross sectional data from each of its 40 restaurant..
price information for a typical market basket of goods purchased by consumers and assume that 2000 is the base year:1.Calculate the price index for 2000. 2.Calculate the price index for 2001. 3.Calculate the price index for 2002. 4.Calculate the pric..
One farmer can grow 1,500 bushels of corn on 2 acre of land with 300 hours of labor and 25 pounds of seed. Another farmer can grow 1,500 bushels of corn on 1 acre of land with 200 hours of labor and 25 pounds of seed.
Plot the levels and first differences of lnrgdp and lnrstockval and briefly comment on the graphs and obtain and comment on the variance decompositions for 24 periods ahead based on the original ordering of the variables.
Before Sarah quit her job as a carpenter, she was earning $35,000 per year. She rented a building for $12,000 per year and opened a cabinet shop. She spends $148,000 per year for labor, materials, utilities, and advertising.
A firm produces output according to a production function Q=F(K,L)=min {2K,4L} a. how much output is produced when K=2 and L=3 b. if the wage rate is $30 perhour and the rental rate on capital is $10 per hour, what is the cost-minimizing input mix ..
Rob currently earns a salary of $1,000 per week as an economics instructor. His next best career would have been an assistant manager at Pizza Hut, where he would have earned $12 per hour, and would have worked for 40 hours per week.
Assume that an investor is risk-neutral (i.e. assume that the investor always chooses the investment with the higher expected rate of return even if it is riskier). If the yield on 1-year marketable CD's is 6% while the yield on 2-year marketable ..
Assume an economy with a coal producer, a steel producer, and some concumers (no gov.) in a given year, the coal producter produces 15M tons of coal and sells it for $5 a ton. the coal producer pay $50M in wages to consumers
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