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State two ways the labor supply curve shifts to the right. Explain how each way impacts the equilibrium wage, equilibrium full employment, total output, productivity, and standard of living in the economy? Include the formulas for productivity and standard of living in your answer.
In the circular economic flow diagram, households:
The price of transplantable human organs has increased significantly in recent years. Why do you think that has occurred? Organ transplants are expensive. The hospital and medical personnel earn lots of money and the recipient pays lots of money. No ..
Suppose that a biotech firm makes diagnostic tests and has a fixed-proportions production function in which one unit of output (diagnostic test) is produced using one worker and two units of capital (machines). If the firm has an extra worker and no ..
If the government unexpectedly levies a five-cent tax on every gallon sold by gasoline retailers, illustrate what will happen to the representative firm's cost curves.
With current technology, suppose a firm is producing 800 loaves of banana bread daily. Also assume that the least-cost combination of resources in producing those loaves is 5 units of labor, 5 units of land, 4 units of capital, and 1 unit of entrepre..
What is the nominal GDP in 2011? What is the real GDP in 2011 (using 2010 prices)?
Provide an intuitive explanation of the Principal-Agent problem and discuss any mechanisms used to mitigate the problem. You should use the business owner-manager problem as an illustration.
One way to encourage people to spend more on preventative health care is to reduce the price of health care to consumers by decreasing the health insurance copayment. At current copayment levels, if the price elasticity of demand for visits to see th..
Assume that a local bank sells two services-- checking accounts and ATM card services. Mr. Done that is willing to pay $8 a month for the bank to service his checking account, and $10 a month for unlimited use of his ATM card. If the bank is unable t..
Explain with a graph how a ticket price ceiling placed on a monopoly sports franchise that does not sell out its games may actually lower ticket prices and raise attendance. Assume that marginal costs are fixed. Do you support legislation that would ..
Determine which of the two investment projects a manager should choose if the discount rate.
q. tco d a software producer has fixed costs of 18000 per month and her total variable costs tvc as a function of
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