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Draw simple labor supply and demand graphs for the occupations of school teachers and plumbers to show the labor market in each profession. Assume that some workers prefer to clean drains for a living, and some prefer to teach children, but that all will change occupations if the wages are high enough.
Now assume that men face discrimination that prevents them from becoming teachers; show and explain the effect of this discrimination on wages and labor supply in both occupations graphically and in your own words.
Show the reduction in output from discrimination. Show the economic gains from eliminating discrimination. With such gains, why has it been so difficult to enact and enforce anti-discrimination policies?
For each of the following decisions determine whether the manager is in a short-run or long-run situation.
In Houston, Texas, there are 10 household each with a demand for electricity of Q = 60 – P. Houston Lighting and Power's (HLP) cost of producing electricity is. If the regulators of HLP want to make sure that there is no deadweight loss in this marke..
Which of the following is the definition of the Consumer Price Index (CPI)?
Bigco’s balance sheet one year ago indicated retained earnings of $448.7million. This year, Bigco’s net income was $36 million. It paid its preferred shareholders a dividend of $5.4 million and its common shareholders a regular dividend of $5.7 milli..
A one-price monopolist faces a demand of P = 107 – 0.015Q and has a total cost function C(Q) = 5000ln(Q) + 30Q. Calculate the profit of the monopolist. Prove that regulating the monopoly to produce with no deadweight loss will drive them out of busin..
first-time homebuyers creditin 2009 as well as 2010 the us government instituted a program where all first-time
q1. the lojack car recovery system allows the police to track stolen cars. as a result they not only recover 90 percent
Suppose the market for lemonade is a competitive market. The prevailing market price is $10. A typical seller in the market has a cost function of: C = q3 - 6q2 + l0q + 100. Find its profit-maximizing output level. Calculate her profit. What is the l..
Assume your parking lot has two different consumers who utilize it at two different times.
Consider a farmer who can either plant or market/consume his crop. Whatever amount he plants becomes a crop twice the size the following year. For example, if he plants seed from 2 ears of corn, he gets 4 ears of corn at harvest. Assume he starts off..
Due to McFadden Economists usually interpret Random Choice, in the population sense, as each DM being drawn from the probabilistic choice rule independently and identically. However, Psychologist has maintained that individual DM is actually stochast..
Can firm losing money go out of business in the short run? If it can’t, explain why not. On what basis does a firm decide whether or not to shut down? On what basis does it decide whether or not to go out of business? If the perfect competitor is los..
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