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The market for autographs by a superstar baseball player during the 1950s and 1960s indicates that while the player's autograph is not rare it remains highly desirable and of relatively high price to collectors. In fact, a baseball signed by this superstar player is likely to sell for twice the price of baseballs signed by a teammate whose autograph is relatively rare.
Use one graph to show both the demand and supply for autographs by the superstar and the demand and supply for autographs by the teammate and label the equilibrium point for both supply/demand curves.
According to both classics and Keynes, if, all else the same, the general price level increases by 5%, The demand for money will increase by 5%. Both the demand for and the supply of money will increase by 5%. In the real world, if the Fed keeps pump..
Suppose c = wL + rK and q = L 1/3K 1/4 and perfect competition in all markets. Find the demand for labor and capital and the supply of q. If p = 8, w = 1 and r = 2, find the quantity supplied and the profits.
An individual has $10,000 of non-wage income in his savings account. He earns $200 per hour, and can choose to work up to 24 hours per day. What does his budget constraint look like in terms of consumption (C) and leisure (l)?
Illustrate what steps do you suggest that it take in order to balance its budget. What would be the affect on you if it takes steps to balance its budget, or Illustrate what would be the affect on you if it does not.
In the Stackelberg model of oligopoly, the leader firm:
How does the Fed via the banking system create money? Why does the loaning out process increase money supply? Discuss the round to round increase in the money stock from an open market purchase. What is the money multiplier? How does contraction work..
Bill receives utility form consumption of two goods X and Y. If price of X is $6 and Price of Y is $2, Bill’s budget is $14 and the marginal utility of X is MUx = 3X^2Y^4, what is the optimal amount of X and Y. Solve using the Lagrange multipliers me..
The South Beach Café recently reduced appetizer prices from $10 to $8 for afternoon “early bird” customers and enjoyed a resulting increase in sales from 75 to 125 orders per day. Beverage sales also increased from 400 to 550 units per day. Calculate..
In the first-order exponential smoothing model, the new forecast is equal to the old forecast plus a weighting factor (W) times the error in the most recent forecast.
a.) What is the difference between diminishing total returns and diminishing marginal returns to inputs? b.) Sketch a graph and explain why a consumer would generally prefer a cash subsidy to a food stamp.
Can Alpha make a credible threat to punish Beta with a retaliatory price cut
Why would one be unable to associate particular amounts of calendar time with the concepts of market period, short-run period, long-run period and historical period ? List as many reasons as you can why the low of diminishing retunes or variable prop..
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