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A person can chose to work any amount from 0 to 52 weeks per year at a wage of $1000 per week. Draw her annual budget constraint, representing total annual consumption vs annual weeks of leisure.
Suppose a firm's inverse demand curve find the firm's optimal quantity, price also profit by using the profit also marginal profit equations.
q1. if the government reports that gdp increased at an annual rate of 6.0 percent for the fourth quarter of 2010 by how
A student has not yet graduated from school but is looking for a job. Is the student considered to be in the labor force? Why or why not? In what ways is GDP a misleading measure of economic performance? Is real GDP per person a sufficient measure of..
As a consequence of a 1976 court case that Ralph Nader won against an airline that had "bumped" him, the federal government adopted a rule requiring airlines to compensate people who were denied boarding despite holding a confirmed reservation. As a ..
Gail works in a flower shop, where she produces 10 floral arrangements per hour. She is paid $10 per hour for the first eight hours she works and $15 an hour for each additional hour she works. What is the firm’s cost function? What are its AC, AVC, ..
Apple has chosen to have the components for the iPhone manufactured by more than 30 companies around the world, as opposed to producing everything itself. Address the three basic economic questions: How does this choice determine what, how, and for w..
According to the Keynesian view “Businesses will undertake all investment projects for which the expected rate of profit equals or exceeds the interest rate.” Explain what this means.
Suppose two hot dog stands, Al’s & Bob’s, position themselves at different ends of a 100 yard stretch of beach. Assume there are 100 beach goers evenly distributed along the stretch of beach and travel costs are $.1 per yard. If Al charges $1 for his..
State briefly the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly.
Why would Berkshire Hathaway own a number of furniture retailers? Outline the possible advantages and disadvantages.
Use the aggregate expenditure model to explain the following statements from the opening news article.
If we accept the conclusion that librarians are more vital to the country than professional football players, explain why are librarians so poorly paid in comparison.
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