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Consider a firm that has just built a plant, which cost $20,000. Each worker costs $5.00 per hour. Based on this information, fill in the table below:
Number of worker Hours
Output
Marginal Product
Fixed cost
Variable cost
Total cost
Marginal cost
Average Variable cost
Average total cost
0
20,000
50
400
20,250
100
900
20,500
150
1300
20,750
200
1600
21,000
250
1800
21,250
300
1900
21,500
350
1950
21,750
Draw the demand curve for the bridge crossings. How many people would cross the bridge when there were no toll? What is the loss of consumer surplus associated with charge of toll of $4.00
Illustrate the position of US economy over the next couple of years using aggregate demand and supply curves if these expectations are to be realized.
As an employee of World Bank you've been asked to research the needs of a country with a particular economic concern.
Explain how the Central Bank can set the nominal interest rate in the money market. In addition, explain how it can use expansionary monetary policy to boost GDP if the economy is in a recession.
Which country is capital abundant according to the Heckscher-Ohlin theorem? Given your answer to (a), draw the PPF for Canada. Also draw the indifference curve and the relative price line for the no-trade equilibrium.
As the manager of Pelican Point Financial Group, you are unable to determine whether any given individual is a high or low volume transaction investor. Design a self-selection mechanism that permits you to identify each type of investor.
Suppose Shaqueena is currently earning income of $23,000 (I =23) and can earn that income next year with certainty.
Taxi fares in New York recently were increased by nearly 50%. Predict the effect on the price of taxicab medallions, the earnings of taxicab drivers and congestion in New York streets.
Suppose you bought a bag of groceries at Food Lion this past September for $46.54. Calculate the price of a similar bag of groceries in 1999 prices if the CPI
Tom have only $60, and he want to spend it all on clothing (X) and food (Y), Price of clothing is $4. Find out the optimal values of both goods (Y*,X*) and Utility?
If increased government spending and tax cuts were equally effective in stimulating aggregate demand, which fiscal tool would you select? Why?
At the end of 2002, the (1-year) interest rate was 1% in the U.S., and 26% in Argentina. Recall that at the same time, the spot rate for the Argentine currency was Peso 4.00/$.
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