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1. What is meant by investment in human capital? Use this concept to explain wage differentials and the long run rise of real wage rates in the US.
2. Explain the difference between a bilateral monopoly and a monopsony.
3. Explain the extent of the damage from the BP Oil Spill, how long can we expect to see lingering affects of the damage?
4. What trade theories do not help explain Ecuador’s competitive position in exporting roses? Why is this so?
When demand is elastic, an increase in price causes quantity demanded to______________ and total revenue to__________. When demand is inelastic, a decrease in price causes quantity demanded to ____________and total revenue to__________. If price rise..
Explain the challenges in measuring consumer surplus of a free product like major online applications, such as Facebook and Google Search. Explain how to quantify the gains that the internet has brought to consumers
Why is there a growing disparity between the rich and poor in the US? What are some of the reasons for this and what should the government do to bring about growing equality with income? Do we as citizens have an ethical responsibility to help the po..
A monopolist faces a demand function x = 1/2( 11-p) where p is the price of the product and x is the quantity demanded. The monopolist has a cost function 3+2x. The government impose a tax of t per unit of output. Assuming that the monopolist maximiz..
If demand is represented by Qd = 50 - 0.5P + 0.005I where I = $50,000 and supply is represented by Qs = 100 + 0.4P - 2W where wages (W) = $15.00, compute the equilibrium price and quanity. What happens if income falls to I = $40,000?
The wall drug store stocks a popular brand of sunscreen. The average demand for the sunscreen is 2100 bottles per year. The cost of each bottle is $2.50. The ordering cost is $10 per order, and the annual carrying cost is 20% of the unit cost. How of..
The state if Arizona decided to boost its own minimum wage rate by $1.60/hr. This pushed the wage rate earned by Arizona teenagers above the equilibrium wage rate in the teen labor market.
You would like to retire 30 years from now. You will deposit an equal amount of money every month for the next 20 years into a retirement account that pays 6% nominal interest compounded monthly. You have decided that the total amount you will need..
A bank with a two-year horizon has issued a one-year certificate of deposit for $80 million at an interest rate of 4 percent. With the proceeds, the bank has purchased a two-year Treasury note that pays 6 percent interest. What risk does the bank fac..
Amanda is entering her last year in college. Her tuition is $15,000 for the year, and she paid for it with her savings which were earning 5% interest. If she graduates with a degree, she will find a job paying $50,000 a year. What are the benefits an..
Suppose you are the manager of a restaurant that serves an average of 400 meals per day at an average price per meal of $20. On the basis of a survey, you have determined that reducing the price of an average meal to $18 would increase the quantity d..
Consider a market for pawn brokers. The television show Pawn Stars creates a lot of positive buzz for the profession. What will happen to the market? Demand increases, demand decreases, supply decreases, no change in either, or supply increases?
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