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Let’s go back to better times for Radamel, before his injury. Remember he had a monthly allowance of $200 and an hourly wage of $50. Suppose that Radamel’s utility function is U=C^.5L. assume that the total “awake” hours are 110 per week
How many hours will Radamel work in his $30 per hour job? (He still has his weekly allowance of $200).
How many hours will Radamel work in his $30 per hour job after he lost his allowance?
Will price be lower or higher as such an agreement in long-run equilibrium than would be the case if firms didn't collude.
The World of Videos operates a retail store that rents movie videos. For each of the last 10 years, World of Videos has consistently earned profits exceeding $29,000 per year. The store is located on prime real estate in a college town. What is the o..
In this module, it is demonstrated that sometimes extensive diseconomies of scale, say, due to high transportation costs, would require that the firm produce its product in a multiple of plants. The average hauling (freight) cost is $0.8Q; that is AF..
Suppose that the demand curve for wheat is Q = 100 − 10p and the supply curve is Q = 10p. The government imposes a price ceiling of p = 3. Describe how the equilibrium changes. What effect does this price ceiling have on consumer surplus, producer su..
A commercial bank's reserve assets consist of...
Put aggregate supply (AS) and aggregate demand (AD) together to get to equilibrium output (GDP) and price level (CPI). Calculate and graph what happens to government (G), AD, GDP, and Prices if the government increases government spending by 100 bill..
A chemical company determined the need for a chemical additive that will improve their product by 20%. The company’s CEO arranged to purchase the additive through a 5-year contract at $7,000 per year, starting 1 year from now. He expects the annual p..
Suppose that, in the long run, a pizza firm’s variable costs are V C(Q) = Q2/2 (where Q is the number of pizzas produced each day), its marginal cost is MC(Q) = Q, and there is an avoidable fixed cost of $50 per day. In the long run, there is free en..
What the multiplier effect is and what it means. Explain to me in your own words what it means and what the concept entails. If Investment in an economy rises by $20 billion and GDP increases by $80 billion, what is the multiplier effect?
in the 1990s five firms supplied amateur color film in the united states kodak fuji konica agfa and 3m. from a
If a monopolist can find buyers for 10 units at a price of $40, and if the marginal revenue due to the 11th unit is $18, the highest price at which the monopolist can find buyers for 11 units must be
A "tight money" policy by the Fed.
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