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Describe the difference between a diminishing marginal product of labor and a negative marginal product of labor. Why would a profit-maximizing firm always choose to operate where the marginal product of labor is decreasing (but not negative)?
Use the Baumol-Tobin model to find money demand under the following assumptions. Income is $5000 per month (which can be broken down into 2500 in real income and a price level of 2) paid at the beginning of each month in the form of interest-earning ..
Welfare effects of a tariff in a small country Suppose Guatemala is open to free trade in the world market for soybeans. Because of Guatemala's small size, the demand for and supply of soybeans in Guatemala do not affect the world price.
Explain what you understand by the term the "invisible hand"and competitive market. Why would the workings of a competitive market result in an efficient allocation of resources as first suggested by Adam Smith?
Ride hailing services utilize a dynamic pricing model. Using supply and demand tools (you don’t have to actually show the graphs… but they may help you on scratch paper) illustrate how microeconomics explains the shifts in pricing and how it describe..
Suppose supply of organic pinto beans in Ontario is given by QS = -8 + 0.5*P where P is the market price and QS is the quantity supplied. The demand for organic pinto beans is given by QD = 10 – 0.25*P, where QD is the quantity demanded. Assuming a c..
Compare and contrast the views of Easterly and Banerjee and Duflo on the relationship between governance and economic development. Which do you find most persuasive? Explain your answer.
A firm faces a demand where q = 256/p^2 . q is quantity demanded, P is price. Its P2 total cost function is TC = 0.5q^2 + 10 . What is its total revenue function in q? What is its profit function? What is its marginal revenue function? What is its ma..
A major Statistics Canada household survey, the Survey of Labour and Income Dynamics or SLID, the latest of which is referred to as SLID 2009.
Ms. Lee Ding is considering whether the following capitol project should be undertaken. Its life is 6 years; it has a 6% salvage value; and her firm uses a 12% MARR. What is the probability of it costing $300,000? What is the probability of the net r..
Why are heteroscedasticity, multicollinearity and serial correlation a problem in regression model reliability?
Felix Jones, a recent engineering graduate, expects a starting salary of $65,000 per year. His future employer has averaged 5% per year in salary increases for the last several years. If inflation is estimated to be 4% per year for the next 3 years, ..
explain increase in quantity of defense goods when there is an increase in marginal benefit.
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