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Suppose there are two types of Scottish beer, Skullsplitter and Dragonhead Scout. Draw indifference curve for the following consumer(put Skullsplitter on the x-axis and Dragonhead Stout on the y-axis.
a) Angus likes variety and prefers to drink Skullsplitter and Dragonhead Stout together.
b) Hamish dislikes variety; he likes to drink the same thing all the time
Assume that the labor demand equation for a fictional country is Ld = 90 – 2w, where w is the wage per hour worked. Assume also that the labor supply equation for that country is Ls = 0.5(w). If the supply of workers increased, the number of unemploy..
A recent strike by the labor unions, in the U.S., led to a huge change in the working environment. As a result, not only were employees provided better working conditions and higher salary, but also guaranteed long term job security. Would this affec..
Moving along a demand curve, the quantity demanded decreases 8 percent when price increases 10 percent. Find the arc price elasticity of demand over the price range from $3 to $7. Interpret the value of price elasticity.
Given two countries (A and B) and two goods (X and Y) model with identical endowments: Draw the PPF for Country A that displays increasing opportunity costs and also shows that country A that displays increasing opportunity costs and also shows that ..
Consider an economy that has the "typical" sacrifice ratio we discussed in the Power Points. If inflation is currently 6% and the economy would like it to be 2% within the year, that economy must experience a ____________% change in GDP (output).
Consider a rancher-farmer economy. Assume that the rancher has no choice over how many cows to raise but either the farmer or the rancher (or both) can build a fence to eliminate the crop damage of $150. However, the costs of installing the fence are..
At its current level of production a firm in a competitive market receives $12.50 for each unit it produces and faces an average total cost of $10. At the market price of $12.50 per unit, the firm’s marginal cost curve crosses the marginal revenue cu..
Assume that the market wage rate is $150 per day. Illustrate what rule should leadbelly follow to hire the profit-maximizing amount of labor.
You should draw a graph that depicts the situation below and use your picture to answer the questions. Assume that wages and prices are sticky and that we start at a long-run equilibrium. Now think about the point that the economy ends up at that is ..
An oligopsony exists if. The poverty gap is the
In a two paragraph summary, explain WHY countries trade and what the importance of international trade is between countries. A. Your summary should include the following concepts:
China will almost certainly overtake the US in terms of GDP within a decade or so. What does that tell you about the standard of living of Chinese people compared to those in the US?
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