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Haircuts in Mulletville. The town of Mulletville has a single hairstylist. The marginal cost of a haircut is the same for men and women ($10). The quantity of haircuts is 100 for men and 100 for women. The profit-maximizing price for women is $35, compared to $15 for men.
a. What explains the price difference?
b. Illustrate with a complete graph.
If the demand curve for wheat in the United States is P = 12.4 - Qp where P is the farm price of wheat (in dollars per bushel) and is the quantity of wheat demanded (in billions of bushels), and the supply curve fo wheat in the United States is P ..
Pick one of the variables that are significant at a 5% error level and explain what the slope estimate means (explain it in a way that someone outside the class would understand, and use the numerical value of the estimate in your answer.)
where L1 is the number of workers employed in Sector 1 and L2 is the number of workers employed in Sector 2. The total number of workers in the economy is 1,000. The only difference between the sectors is that in Sector 1 workers are paid their ma..
The chamber of commerce of a Florida Gulf Coast community advertises that area residential property is available at a mean cost of $125,000 or less per lot. Suppose a sample of 32 properties provided a sample mean of $130,000 per lot
What is the annual compounding interest charged? Using the compounding annual interest rate from above, what is the nominal, period interest rate and corresponding effective interest rate if compounding is hourly? Assume 30 days per month.
Suppose that you are going to buy a BMW that sells for $40,000. Assume that the interest rate on a savings account is 10% and that your savings account currently has $40,000. For simplicity, assume that BMWs are the only good in the economy.
The price elasticity of demand for heroin is .27. Suppose that half of the existing heroin users support their habits with property crime. Further, the loss from property crimes committed by heroin users equals half of the total spending (total r..
if an ammonia plant that produces 500,000 pounds per year cost $2,500,000 to construct eight years ago, what would a 1,500,000 pound per year plant cost now Suppose that the construction cost index has increased an average rate of 125
Determine the trade balance between the U.S. and China for the most recent five year period.
Suppose that an individual with income I cares about two goods, X and Y. The price of the two goods is Px and Py. The individual has the following utility function: U(X,Y) = X(2+Y)
Suppose we have two countries, the United States and Mexico, and one good-computers. Assume the following for each country: United States: Qd = 5000 - P and Qs = 2P - 1000 Mexico: Qd = 5000 - 2P and Qs = P - 2000
A purely competitive firm finds that the market price for its product is $30.00. It has a fixed cost of $100.00 and a variable cost of $17.50 per unit for the first 50 units and then $35.00 per unit for all successive units.
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