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Suppose the supply and demand for a certain textbook are given by ?supply: p= 1/3 q^2, ?demand: p=- 1 /3 q^2 + 30, where p is the price and q is the quantity. Find the demand quantity and the supply quantity at a price of ?$25.
Suppose the hourly wage is $10 and the price of each unit of capital is $25. The price of output is constant at $50 per unit. The production function is f(E,K) = E½K ½, so that the marginal product of labor is MPE = (½)(K/E) ½ . If the current capita..
Assume to John Smith gets promoted to a job to cause two changes to occur simultaneously: John earns a higher wage also safer environment
If inventories unexpectedly rise then production _____ sales and firms will respond by______
Currently, a fast-food firm has a monopoly in the university student union. The monopoly pays the university $75,000 a year in order to maintain it. The firm earns an economic profit of $290,000 per year. Another fast-food firm wants to enter the mar..
Mary has two possible career paths. She can become either a biologist or a concert pianist. Mary lives for 2 periods. In the first period she gets the appropriate education for her career. In the second period, she works in the labor market. Suppose ..
As we noted in class, most members of labor unions work in the public sector, industries that are regulated, or industries in which production is concentrated into a few firms. Consider a perfectly competitive industry with many firms that produce th..
What other examples can you give for international firms' product differentiation and cost cutting strategies in different markets?
Compare and contrast the Swedish and American approaches to welfare and other income redistribution programs and policies.
You have been asked to estimate the cost today of a 2,500 ft2 parking lot. You research and find that parking lots have a power-sizing exponent of 0.55 and that your company built a similar 1,000 ft2 lot 5 yrs ago that cost $50,000. You also find tha..
The accelerationism model is an alternative interpretation of the. In the very short run, deflation occurs and real output rises. Which of the following could cause this?
Most industrial farms hire migrant workers, so the market for such workers is reasonably taken to be perfectly competitive. Suppose that all farms individually have a short-run elasticity of labor demand of –0.5. Explain why the reduction in employme..
Find online the annual 10-K report for Green Mountain Coffee Roasters (GMCR) for its 2012 fiscal year, filed in September 2012. Answer the following questions from the income statement: What were Green Mountain’s revenues for 2012? By what percentage..
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