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In the discussion of empirical results on the Heckscher-Ohlin model, we noted that recent work suggests that the efficiency of factors of production seems to differ internationally. Explain how this would affect the concept of factor-price equalization.
The provider is assumed to maximize profits. Determine the provider's equilibrium wage and how many nursing units it will hire. The provider is a monopsonist, which means it is the sole purchaser of labor in the market.
What are the effects of the FED increase of interest rates on the bonds market?
Defenders of Wildlife. Each of the 80,000 citizens in a particular county is willing to pay $0.10 to increase the number of wolf litters by one. Each litter of wolves imposes a cost of $5,000 in livestock losses to ranchers.
Suppose the market demand function for ice cream is and the market supply function for ice cream is , both measured in millions of gallons of ice cream per year. Suppose the government imposes a $0.50 tax on each gallon of ice cream.
Do you agree or disagree with the statement that: "A monopolist always changes the highest possible price Why can't an individual from a firm raise it's price by reducing output or lower its price to increase sales volume in a purely competive mar..
The output of workers at a factory depends on the number of supervisors hired (see below). The factory sells its output for $0.50 each; it hires 50 production workers at a wage of $100 per day, and needs to decide how many supervisors to hire.
Suppose a monopolist charges a price of $27 for its product and sells 10 units at that price. At 10 units of production the firm has average fixed cost equal to $10 and average variable cost equal to $12. How much total profit is the firm earning ..
c. Is demand elastic, inelastic, or unit elastic at the profit-maximizing price-quantity combination d. What price-quantity combination maximizes revenue e. Calculate the maximum revenues. f. Is demand elastic, inelastic, or unit elastic at the reven..
Vincent van Gogh can produce paintings at constant marginal cost cV V G = 1. The population of buyers of VVG paintings is grouped into two categories: Serious Art Collectors (SAC) and Casual Art Collectors (CAC). The SAC to CAC population ratio is..
Suppose that the eye doctor offers senior residents a discounted price for an eye exam. The demand function for senior residents is Qs = 50 - Ps, and the demand function for the general public is Qg = 60 - Pg. The marginal cost for an eye exam is ..
CONSIDER AN ECONOMY IN WHICH THE CONSUMPTION FUCTION TAKES THE FOLLOWING SIMPLE ALGEBRIC FORM C=300 +0.75 DI AND IN WHICH INVESTMENT (I) IS ALWAYS 900.00AND THE NET EXPORTS ARE ALWAYS -100.00
Paul consumes two goods: potatoes and leisure, N. the number of potatoes Paul consumes does not vary, but their tastiness, T, does. For each extra unit of tastiness, he must spend Pt hours in the kitchen. Thus, Paul's time constraint is N+PtT=24. ..
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