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1. A worker in Rhode Island can produce 1 pound of corn in 15 minutes and 1 pound of shucked oysters in 10 minutes. A worker in South Carolina can produce 1 pound of corn in 20 minutes and 1 pound of shucked oysters in 60 minutes. Which state’s worker has an absolute advantage in corn and which state’s worker has an absolute advantage in shucked oysters? Which state has a comparative advantage in corn and which state has a comparative advantage in shucked oysters? At what price will trade occur between the two states for corn and at what price for oysters? Explain your answers.
2. We discussed the possibility that a startup firm in San Francisco plans to 3-D print Rhinoceros horns that are indistinguishable from real horns. Assume they are able to produce these horns cheaply. If successful, what will happen to the market price and quantity of horns in the market? (real and 3-D printed are sold in one market for “horns”) Explain your answer thoroughly.
3. Suppose the price elasticity of demand for heating oil is 0.2 in the short run and 0.7 in the long run. If the price of heating oil rises from $1.80 to $2.20 per gallon, what happens to the quantity of heating oil demanded in the short run? In the long run? (Use the midpoint method in your calculations) Why might this elasticity depend on the time horizon?
4. If there is a sudden improvement in the production of heroin and cold medication (the production of both products are improved by the same amount) how will the changes in the market differ? Provide a detailed economic analysis.
General Electric paid its line workers $10 per hour last year when the Consumer Price Index was 100. Suppose over the past year that deflation occurred and the aggregate price level fell to 80. GE must pay its workers $ this year in order to keep the..
Suppose that demand for a product is given by Q=1000-P. Supply of the product is given by Q=2P. There is a positive consumption externality from this product, in the amount of $5 per unit. What quantity of the good is consumed under the private marke..
For each of the following scenarios, please decide whether there will be an increase, decrease, or no change in aggregate demand. The United States government decides to increase the federal tax rate by 4% for all earners.
Assume that Densa Inc. falls 10 percent short of producing the profit maximizing output. Would a higher product price lead to greater output
Suppose the average annual temperature in the state of New York were to decline for three years in a row. How would that fact affect/contribute to the argument as to whether global warming is occurring and whether we should do something about it?
An office of 120 employees must be redesigned to accommodate 30 new employees. At the same time it should be made as effective as possible.
The Apple company issues a coupon bond with the face value $1000, the coupon rate 7% and the maturity 10 years. If the interest rate is assumed to be fixed at 8%, what is the present value of the bond? Instead, people expect that the interest rate wi..
q. pickles at the sour pickles ranch are picked either by labor or by a machine. labor can be obtained very cheaply -
One stay-at-home mom laments, “Lots of career women think the only reason I’m staying home is that I’m not capable of doing anything else.” Evaluate this criticism. In other words, is it true that the only reason women don’t enter the labor force is ..
Upjohn Company purchased new packaging equipment with an estimated useful life of five years. The cost of the equipment was $35,000 and the salvage value was estimated to be $5,000 at the end of year 5. Straight-line method. Double-declining-balance ..
Consider the following: Clark was considered to have “thought out the concept of marginal utility and its influence on exchange value” without having read Jevons, even though Jevon’s had already published. Discuss how this affected his contributio..
Suppose that annual income from a rental property is expected to start at $1,350 per year and decrease at a uniform amount of $55 each year after the first year for the 12-year expected life of the property. The investment cost is $8,200, and i is 9%..
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