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Little Bikes, Inc., sells tricycles, in partially-assembled and fully assembled forms. Parents who assemble their own tricycles benefit from the lower price of $40 per tricycle. "Full-service" customers enjoy the luxury of an assembled tricycle, but pay a higher price of $60 per tricycle. Both partially and fully assembled tricycle prices are stable. The company has observed the following relation between the numbers of assembly workers employed per day and assembled tricycle output:
Number of Workers per Day
Finished Tricycles
0
1
8
2
14
3
18
4
21
5
23
How many assemblers would Little Bikes employ at a daily wage rate of $100? What is the highest daily wage rate Little Bikes would pay to hire 3 assemblers per day?
Recessions seem to show up every so often and create economic hardship. One might think that macroeconomic policymakers could tame the business cycle and implement policies that would end recessions. Are recessions a necessary fact of macroeconomic l..
When a product has a relatively inelastic demand, a 10% rise in price would cause a decline in quantity demanded that is smaller in absolute value: for example, 8%. If the demand for a product were perfectly inelastic, a rise in price would have no e..
Consider a 30 year $10,000 (risk-free) bond with annual coupon rate of 4.25%. What is the annual coupon payment? If the yield to maturity on the bond is 4%, what must be the market price for the bond? Is the bond selling at a discount of (below) or ..
Suppose that beef supply is such that Q = 20 billion lb are produced if the price is P = $2.00/lb, and Q = 24 billion lb are produced if the price is P = $2.30/lb. Using the two quantity-price combinations reported in (3) above, compute the own-price..
Suppose there are two groups, a high price group and a low price group. Assume the monopoly has no fixed costs such that operating with a loss corresponds to operating where revenue is less than variable production costs. Also assume that if the mono..
The organization where you work is expanding into the global market by opening an office in China. What are some potential ethical and social issues that may arise as the company expands into this new area? Can these issues be avoided or mitigated?..
Compute the average product of labor, APL, when the level of capital is fixed at 16 units and the firm uses 16 units of labor. How does the average product of labor change when the firm uses 81 units of labor.
NonLegal Seafoods (NS) sells its excellent clam chowder in Boston, New York, and Washington. NS has estimated that the demands in these three markets are respectively QB = 10,000 − 1,000PB, QNY = 20,000 − 2,000PNY and QW = 15,000 − 1,500PW, where qua..
The US government decides to reduce the government budget deficit by increasing taxes and keeping government expenditures at the existing level. What are the effects of increasing taxes in the short and medium run for the US economy? Is it possible t..
You will explain the causes of income inequality in the U.S. and demonstrate the problems associated with measuring income inequalities. Analysis of income distribution data does not lead all economists to the same positive or normative conclusions. ..
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.
q.you are given the market data that says when the price of cake is rs. 60 the quantity demanded of cake is 80 slices
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