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Country A and country B have identical population growth rates of 1% per annum, and everyone in each country always works 40 hours a week. Labor productivity grows at a rate of 2% in country A and a
A friend of yours is considering two cell phone service providers. Provider A charges $120 per month for the service regardless of the number of phone calls made. Provider B does not have a fixed se
In a month, Samantha consumes the quantity of lobster dinners so that her marginal utility from a lobster dinner is 500 units. The price of a lobster dinner is $25. She also is consuming the quantit
suppose a cost minimizing firm wishes to change its scale of production and needs to know the combination of labor and capital to employ. If the firms total cost outlay is $14, find this combination
Consider two firms that act as Cournot competitors and face the inverse demand function p(.), where p'(Y1 + Y2) < 0. The total cost function for firm i is given by Ci(.), where Ci'(Yi) > 0 i =
(Comparative Advantage) Suppose that each U.S. worker can produce 8 units of food or 2 units of clothing daily. In Izodia, which has the same number of workers, each worker can produce 7 units of fo
Advanced Analysis, let MUa=z=10-x and MUb=z=21-2y, where is marginal utility per dollar measured in utils, x is the amount spent on product A, and y is the amount spent on product B.
Briefly explain why the tuition increase's impact on universit5r revenue would be different if Washburn's 3o4 increase coincided with a 3olo increase at all other universities versus if Washburn's 3
Rob currently earns a salary of $1,000 per week as an economics instructor. His next best career would have been an assistant manager at Pizza Hut, where he would have earned $12 per hour, and would
the quantity of labor demanded and supplied respectively, in millions of workers, and W is the hourly wage rate. (a) Suppose the labor market adjusts to competitive equilibrium. What is total employme
1. graph the information for consumption(C) and the consumption and investment(C-I) schedule. 2. Graph the saving and investment schedules. Show the equilibrium point. What is the income,savings, an
A certain medical device will result in a estimated $15,000 reduction in hospital labor expenses during its first year of operation. Labor expenses (and thus savings) are projected to increase at a
A purely competitive wheat farmer can sell any wheat he grows for $30 per bushel. His five acres of land show diminishing returns, because some are better of wheat, the second acre 900, the third 80
Edward the entrepreneur takes 2 hours to cut a lawn, and he cuts 1,000 lawns per year. He uses solar-powered equipment (truck and mover) that will last forever -- and could be sold at any time for $
Assume that the officials in Ecoland have compiled the following information about their economy for last year.The government uses the following equation for the investment function The equilibrium re
each having advantages which make it do method of choice under a given set of circumstances. The selection of one method from several for a given set of conditions is the topic of this case study. T
Suppose that in the beginning of the year, the exchange rate between US-dollar and the euro is exactly 2 $/EURO. At that time, a one-year US treasury bill yield an interest rate of 5%, while a simil
The interest rate is tied to the economy. Based on your opinion, will the economy grow or recede for the rest of 2011 and 2012 Will the pace of growth (or recession) fast or slow The current interes
Assume that Hong Kong and Taiwan can supply computers to Ecador at a per-unit price of $300 and $500, respectively. With free trade, how many coputers does Ecuador import From which nation does it i
(b) At what level of employment would diminishing returns set in for the variable input (c) If the market determined real wage rate is $20 determine the amount of labor a cost minimizong firm would
the estimated cost to finance an expansion is $15 million and net earnings from increased sales revenue are expected to be somewhere around 10%. The feds expand credit and lowered the interest rates
Suppose the yield on a 30-year corporate bond rated Aaa is 9.50 percent and the yield on a 30-year Treasury bond is 9.00 percent.What is the default risk premium Would you expect a higher or lower d
Assume the following values for figure 5.4a and 5.4b. Q1=20 bags. Q2=15 bags. Q3=27 bags. The markets equilibrium price is $45 per bag. The prices at a is $85 per bag. The price at c is $5 per bag.
1. We measure opportunity cost in monetary value. Suppose you spend $100 for new clothes. You will say that the clothes cost you $100. But the money you spent is not the real cost of the new clothes
How much tax of each type do you pay if you earn $20,000 a year Taking all taxes into account, what are your average and marginal tax rates What happens to your tax bill and to your average and marg