Start Discovering Solved Questions and Your Course Assignments
TextBooks Included
Active Tutors
Asked Questions
Answered Questions
The estimated demand for a good is Q = 4,800 - 16P - 0.65M - 1.5Pr where Q is the quantity demanded of the good, P is the price of the good, M is income, and Pr is the price of related good R.
Explain how an increased federal budget deficit resulting from a recession can actually help stabilize an economy. Describe how adjustments in wages and prices take the economy from the short-run equi
The economy face after the shock, and what type of fiscal policies, giving specific examples, would help move the economy back to potential output?
The price that consumers are willing and able to pay for this output is $40 per unit. If it produces this output, the firm's average total cost is $43 per unit, and its average fixed cost is $48 per
What is the marginal revenue product of the second worker? What is the marginal cost of the fourth worker? Based on your knowledge of marginal analysis, how many workers should you hire? Explain you a
The Firegut has been selling at the brisk pace of 500 burritos per week. To increase market share, Giuseppe would like to increase sales to 750 per week. What price should Giuseppe set?
What two policies could you use to reduce the total amount of emissions? Why do you think they each would work? What would the benefits of each action be (besides emissions reduction)?
explain the following: derive the demand for labor in a competition labor market when output of labor is sold in a pure competition market.
Assuming the educational campaign has a degree of success, explain and illustrate with a diagram how it is likely to impact Ronald's optimal bundle of hamburgers and vegetables."
When the manufacturer of L'Oreal shampoo introduced shampoos designed specifically to appeal to preteens, the product was: a new product because it was an improvement or revision of an existing produc
According to some economists, which of the following is NOT a reason that surpluses in welfare analysis may not properly measure costs and benefits of trade barriers?
assume that spending $80 on advertising will attract 100 more Type B customers. Should the monopolist advertise? If so, what will happen to price?
A firm in a perfectly competitive market invents a new method of production that lowers its marginal costs. What happens to its output? What happens to the price it charges?
This means that there is a bigger shortage or excess demand than there otherwise would be. What is your view of the law forbidding the sale of human organs? What about the sale of blood? Is this dif
(Requires calculation) A perfectly competitive firm faces a market price of $10 for its output X. It owns two plants, A and B, whose total costs are. How many units should each plant produce to maxi
The potential recipient is endowed with 60 hours per week to divide between leisure and labor. If the potential recipient decides to work, she will receive a wage of $8 per hour. Draw the budget lin
Suppose that society decided to reduce consumption and increase investment. A. How would this change affect economic growth? B. What groups in society would benefit from this change? Which groups m
The publisher sold the textbooks to university bookstores nationwide for 3 million euros. The university bookstores received 4 million euros from students in exchange for the books. What is the tot
Following are observations onthe market price and the quantity of good X produced and consumed in threedifferent years: $10 and 100 units, $4and 57 units, and $8 and 88 units. Can we conclude that
What is the utility maximizing combination of x and y when U=6xy subject to the constraint 5x+10Y=180
What policies would you propose that the central bank and the government pursue to lower inflation, lower unemployment and speed up GDP growth.
Describe how this unexpectedly high inflation rate woud help or hurt the following: 1. the government, 2. a homeowner with a fixed-rate mortgage.
Using a diagram of the labor market, show the effect of an increase in the minimum wage on the wage paid to workers, the number of workers supplied, the number of wokers demanded, and the amount of
Suppose a typical worker in India can produce 32 units of product in an eight-hour day, while a typical worker in Bangladesh can produce 30 units of product in a 10-hour day. We can conclude that.
Consider a perfectly competitive market. Analyze and explain in detail using graphical tools to show what you expect to happen to the number of firms and firm profitability in the short run and long