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Suppose that the representative consumer's preferences change, in that his or her marginal rate of substitution of leisure for consumption increases for any quantities of consumption and leisure.
(a) Explain what this change in preferences means in more intuitive language.
(b) What effects does this have on the equilibrium real wage, hours worked, output, and consumption?
(c) Do you think that preference shifts like this might explain why economies experience recessions (periods when output is low)? Explain why or why not, with reference to the key business cycle facts in Chapter 3
Which of the following two examples illustrates adverse selection and which illustrates an incentive problem? Explain your answer. In each case, give one method that the restaurant might use to reduce the problem.
Apples are bought and sold in a competitive market. Use a graph for the apple market and a graph for an individual firm to demonstrate that firms are earning economic profits. Explain, without using a diagram, whether the situation in (a) can be main..
Suppose the U.S. economy is in a recession and faces relatively high inflation. List the twin problems which policymakers face. List the monetary policy approaches the Fed could take to resolve each problem (i.e, do not list the policy tools—just des..
Suppose a union that represents some but not all of the employees in an industry is considering a strong push for increased pay for their members during the upcoming contract negotiations. However, they are concerned about the possibility that the co..
A mechanical engineer must recommend an A/C system to a commercial building owner. The owner uses and MARR of 6%, but is not sure how long he will own the building. A conventional split system has a design life of 10 years, a cost of $47,000, and ann..
Joey, David, Tracy, and Surly own one track bicycle apiece, and they\'ve each modified to sell them as fixed-gear bikes or \"fixies.\" Joey is willing to sell his bike at $100 or more. Likewise, David will sell his fixie for $150, Tracy at $200, and ..
When considering the decision whether to buy a new press machine for your publishing house, which of the following costs will you NOT consider?
Calculate MPC, MPS and the Multiplier if consumption expenditure increases by $4,250 as a result of increase in income from $40,000 to $45,000.
Elucidate how much profit does an individual producer make in a month. Is this a long-run equilibrium.
Last week, jorge purchased a $45 ticket to a soccer game scheduled for this Thursday. If he attends the game, he'll miss three hours of work, where he's paid $15per hour. While he can't return the ticket, he can resell it online for $30. Attending th..
Jim sees commuting by bus and T as perfect substitutes (U = T + B), that is, he would exchange one commute by bus for one commute by T. The price of a bus ticket is $1.50 and the price of a T ticket is $2.00. Jim has $6.00 to spend on commuting. (a) ..
Daniel, a recent college graduate, is on his way home for the Christmas holidays from his new job. He gets caught in a snowstorm and is taken in by an elderly couple, who provide him with food and shelter. Then, because of a dispute between Daniel an..
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