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Suppose that Roy could choose how many hours to work at a wage of W and choose to work 7 hours a day. The employer now offers him time-and-a-half wages(1.5W) for every hour he works beyond a minimum of 8 hours per day. Show how his budget constraint changes. Will he choose to work more than 7 hours a day?
Demonstrate in BOTH diagrams (graphically and/or geometrically) the Total Coast, Total Variable Cost, Total Revenue , Total Fixed Cost and Total Profit, at the point where quantity produced is at the optima level (Profit-maximizing level).
what unemployment rates would we expect to see in this economy?b. Consider another economy in which the unemployment rate over the next three years is 6%, 7%, and then 4%. According to Okun's Law, what are the levels of short run output (Y tilde) ..
Dx = Px-2 I1.5 PY1.5. From the information above, what are the values of price elasticity Income elasticity How much will D change if Px is cut by 5% and income rises by 10%
Danny "Dimes" Donahue is a neighborhood's 9-year old entrepreneur. His most recent venture is selling homemade brownies that he bakes himself. At a price of $1.50 each, he sells 100. At a price of $1.00 each, he sells 300.
A firm is the only seller of the same good in two markets, market 1 and market 2. The inverse demand in market 1 is p1 = 200 ? q1, and the inverse demand in market 2 is p2 = 100 ? 2q2. The marginal cost of production is constant and equal to 40. t..
Draw the indifference curve for U = 20. For what values of p1/p2 will the optimum be \(x_{1} = 0\) If neither x1 and x2 is equal to zero and the optimum is unique, what must be the value of x1/x2?
The XYZ Company produces whatchamacallits in a perfectly competitive industry. The market price is currently $8.50/unit. Freddie Freeloader, operations manager at XYZ's manufacturing facility in French Lick, Indiana, must decide how many whatcha..
Since price-takers cannot charge their own price, they can select a quantity which suits them best. Presumably, they would select the profit-maximizing quantity. Suppose the typical wheat farmer's cost function is TC = 100,000 + 2Q + 0.005Q2 , Q co..
With the per-unit prices of broccoli (B) and pork rinds (R) equal to $2 and $1 respectively, a consumer George, with an income of $1,000 purchases 400R and 300B. At that point, the consumer's MRSBR = 2R/1B.
Tom is a utility maximizer with an income of $200/week, which he spends on two goods, food and clothing. The unit prices of food and clothing are $3 and $20 respectively. 1.) Draw a graph that shows Tom's choice using an indifference curve and his..
Refer to the above data. If the product price is $55, at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss How much will the profit or loss be. will the firm realize an economic profit, break even, ..
Consumers are located uniformly along a straight 1 mile road that leads from the one end of town to the other (no cross roads exists). Each consumer wants to buy one unit of a good from an existing store. The transportation cost or the cost of wal..
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