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The existence of unemployment
a. Suppose the unemployment rate is very low. How easy is it for firms to find workers to hire? How easy is it for workers to find jobs? What do your answers imply about the relative bargaining power of workers and firms when the unemployment rate is very low? What do your answers imply about what happens to the wage as the unemployment rate gets very low?
b. Given your answer to part (a), why is there unemployment in the economy? (What would happen to real wages if the unemployment rate were equal to zero?)
What role do financial markets play in the economy?
Calculate the present worth (year 0) of a lease that requires apayment of $20,000 now and amounts increasing by 5% per year through year 10. Use an interestrate of 14% per year.
In order to ingratiate himself with voters, the mayor of Gotham City decides to lower the price of taxi rides. Assume, for simplicity, that all taxi rides are the same distance and therefore cost the same. The accompanying table shows the demand a..
Coolaire is the only firm producing a refrigerators. It costs $800 to produce a refrigerator, and coolaire sells each refrigerator for $1,200. Suppose, that a new firm, chillbox, enters the market for refrigerators.
The maintenance for a bus, whose life is 10 years, is $1500 per year starting the fourth year, increasing by $200 for each successive year. The interest rate is 5% per year. What is the present worth of maintenance cost
A successful engineer wants to fund an endowment for a university which will pay $10,000, $15,000, $20,000, and $25,000 for the 1st, 2nd, 3rd, and 4th quarters respectively, each year, forever. For an interest rate of 8% compounded quarterly
A monopoly sells music CDs. It has a constant marginal and average total cost of $20. It faces two groups of potential customers: honest and dishonest people. The dishonest and honest consumers' demand functions are the same,Qh = Qd = 120 - P.
if the inflation rate in recent years has been steady at 3 percent annually, what is the estimated real rate of interest?
Now suppose world relative demand takes the following form: Demand for apples/demand for bananas = price of bananas/price of apples.
Suppose that in this economy the fraction of total output in a sector that is paid to labor is the same as the fraction paid to labor in the United States. When output was $300 billion (in constant dollars), what would total compensation have been..
How might consumers have benefited from the merger of XM and Sirius (News, p. 229)? How might they have lost?
Assume that 60 students take a triangle test with Coke and Pepsi. Each student taste three glasses where two drinks are identical. The students have to find out which of the three glasses contains the different drink.
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