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Markets for factor inputs
1. Using your knowledge of marginal revenue product, explain the following:
a. A star is paid $200,000 for appearing in a 30-second television commercial. The actor who plays his doubles partner is paid $500.
b. A president of a company is paid not to stay in his job for the last two years of his contract.
c. A jumbo jet carrying 400 passengers is priced higher than a 250-passenger model, even though both aircrafts cost the same to manufacture.
2. The only legal employer of military soldiers in the US is the federal government. If the government uses its knowledge of its monopolistic position, what criteria will it employ when determining how many soldiers to recruit? What happens if a mandatory draft is implemented?
You can lease the similar piece of equipment, delivered and installed, for an all-in cost of $65,000 per year, for three years, payable at the beginning of each year.
Analyze the relationship among fiscal and monetary policy in an open economy.
Compute the cross price elasticity with respect to chicken price, the advertising elasticity and the income elasticity using the information listed
On the other hand, you might also analyze in detail the effects of higher unemployment among a business cycle downturn.
Explain what happens to the nation's aggregate supply curve, the short-run equilibrium level of output, and the price level if:
Engineers at the national research laboratory built a prototype automobile that could be driven 180 miles on a single gallon of unleaded gasoline.
Will sales of whiskey increase or decrease also by what percentage amount.
Prove that a risk-averse von Neumann-Morgenstern perticular will over-insure, fully-insure, or under-insure according as the insurance is available
An industry consists of three firms with identical costs C (q)18q +q2. What is the industry equilibrium (price, output and profits) if the firms have Cournot beliefs?
Once it is describe to be elastic or inelastic, explain how do you come to that conclusion.
Elucidate a firm competes in the market. Does the firm engage in price or non-price competition
Explain how would you relate the hiring practices of that industry or industries to fluctuations in the business cycle.
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