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a) amount of hours a week to be split between market-labor and home-labor. Assume that A can make $20 of market goods per week and $10 household goods per week; assume B can make $10 of market goods per week and $20 of household goods per week. Graphically depict a situation where, upon marriage, B specializes in the production of one good and A splits their time between market and home labor. (Clearly identify the intercepts and kink in their collective production possibilities curve.)
(b) Assume A is a man and B is a woman. We know that the participation rates for men have been decreasing, while at the same time they have increased for women over the 20th C. Assume that the household starts with each individual specializing in the production of different goods. Graphical depict how an increase in the market-labor wage of B could increase her supply of labor (to the market).
(c) In the scenario of part (b), according to your answer, is it possible for the supply of labor (to the market) for men to increase?
Suppose the following information for a country: total population, 500; population under 16 years of age are institutionalized, 120; not in labor force, 150; unemployed, 23, part-time workers looking for full time jobs.
Estimate the linear trend in the data, and use it to forecast gasoline sales in the United States in each quarter of 1990.
Elucidate what determines the rate of inflation when the economy is at long-run equilibrium.
Illustrate the difference among the law of diminishing marginal returns and the law of diminishing marginal rate of technical substitution.
Use the expenditure approach to comput GDP. Use the income approach to calculate GDP.
Illustrate what are the major performance goals that we set for the economy, and how do we measure the performance?
Refer to the above data. If the product price is $95, at its optimal output will the firm realize an economic profit, break even, or incur an economic loss?
Florida Citrus Mutual, an agricultural cooperative association for citrus growers in Florida, needs to predict what will happen to price and output of Florida oranges under situations below.
Suppose that a perfectly competitive company is currenly producing 5,000 units of output and is earning $10,000 in total revenue.
Use the data on U.S. real GDP below to compute real GDP per person for each year. Then use these numbers to compute the percentage increase in real GDP per person from 1987 to 2005. Year REAL GDP (2000 prices) population 1987 $6,435,000 million..
What is the value of APC at income level Z, at income level RM 2000, what is the value of APC
Groovy Tuesday, a clothing maker, has found that their costs can be approximated by the equation: C = 500 + 2Q2. The consulting company they hired to estimate their current demand determined that demand is characterized by:
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