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A hospital has just increased its lab fee from 34 to 62. As a result, the volume for the lab tests has decreased from 156 to 53. What is the price elasticity [E] of the lab test? (hint: use the point estimate formula and keep one decimal space)
A competitive firm has the production function y = min{ √ L, √ K}, where L is labor and K is capital. Suppose that in the short run this firm must use 16 units of capital but can vary its amount of labor freely.
Suppose the Stimulus package (The American Recovery and Reinvestment ACT of 2009) for $787 was allocated for spending in all 3 components of the AE model of Keynesian Macro model (RGDP = C+I+G); where they spent the bulk of it in G (government expens..
Calculate equilibrium level of income in goods market if i=10 also calculate equilibrium level of income in money market if i=10.
Suppose we find out that a large number of individuals with advanced degrees in medicine were unable to find a job in the medical profession and are instead working at McDonald's flipping hamburgers. How would this be shown on a society's PPF graph?
Prices perform a rationing function by A. eliminating scarcity in the market. B. making sure that buyers do not have to wait for goods. C. allocating goods to the buyers who are willing and able to pay the highest price. D. allowing? high-demand buye..
Consider a second price sealed bid auction. Throughout our discussion, we have assumed that bidders are risk-neutral. Suppose that bidders are risk-averse. Does it change our conclusion that bidding one’s own valuation truthfully is a weakly dominant..
Assume only one variable input, which is labor (L). Which one of the following is FALSE for a typically shaped short run production function? (TP=total product of labor, AP=average product of labor, MP=marginal product of labor.)
Discuss possible ways Greece can reduce its high unemployment rate. What are the three functions of money? Which function is the most important? What are the characteristics that something needs to possess in order to function as money? How does a co..
Given that Utilitarianism would have us judge an action based on the consequences it produces, why does Mill reject the idea that Utilitarianism entails that we should just do whatever is expedient in the moment or on some particular occasion? how do..
A chemical factory dumps its mercury in the nearby river. The mercury get into fish that are eaten by people downriver, causing them to get serious diseases. Use the graph and a few well chosen sentences to show why the market for paint fails.
Suppose a firm has a fixed $100 to spend on K=10, W=5. What combinations of inputs can the firm buy? What is the equation for the line that represents all of these combinations?
This question addresses the issue of whether monetary policy should be made by discretionary policy or be implemented according to a set of rules. Which of the following statements reflect arguments against policy by rule? Monetary rules reduce the f..
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