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If television sets are sold in a perfectly competitive market, calculate the annual number sold. Under what circumstances will the market equilibrium be efficient?
Find an expression for marginal cost of output to find an expression for marginal cost, delta tc/ delta q, in terms of the wage, w and the marginal product of labor delta q/ delta l.
In which many hospitals gather, represent an example of perfect competition, monopolistic competition, collusive oligopoly, or competitive oligopoly? Explain your answer in the language of economics
If one bank in the economy has excess reserves of $3 million, and required reserves are 10 percent of transactions deposits under the assumptions of the simple multiplier formula, then eventually th
Suppose the National Bank of Commerce has excess reserves of $10,000 and outstanding checkable deposits of $200,000. If the reserve ratio is 10 percent, what is the size of the bank's actual reserve
Illustrate the impact the decrease in the price of land will have on this firm's short run cost curves (short run fixed costs, variable costs, and total costs). Explain your illustration.
Suppose that the MPC = 0.8 and that $14 trillion of real GDP is currently being demanded. The government wants to increase real GDP demanded to $15 trillion at the given price level. By how much wou
Use the orange points (square symbol) on the graph below to plot the short-run industry supply curve for the wheat industry. Line segments will automatically connect the points. Remember to plot fro
Is a high degree of market concentration a boon or a threat to consumers? Explain using either allocative efficiency or dynamic efficiency.
Suppose a person's utility of wealth is given by and his or her initial wealth is 10,000. What is the maximum amount he or she would pay for insurance against a 50 percent chance of losing 3,600?
She currently is charging 25 cents per cup, but she wants to adjust her price to earn the $50 faster. If you know that the demand for lemonade is elastic, what is your advice to her?
How is the exchange rate determined in a freely floating rate system? For few months, prior to your vacation trip to France, you find that the exchange rate for your U.S. dollar has increased relati
The assumption of the perfectly competitive model is that products sold by all retailers are completely identical. Under this assumption, as we've seen in this analysis, competition between retailer
At the end of 2009, her equipment and buildings were worth $325,000. Calculate Annie's gross investment, depreciation, and net investment during 2009.
The Ottawa Citizen cost $0.10 in 1970 and $0.50 in 1990. The average wage in manufacturing was $3.01 per hour in 1970 and $14.19 in 1990. In each year, how many minutes does a worker have to work to
Suppose a price of a pair of Lee jeans is $40 in the United States and 400 pesos in Mexico. What is the nominal exchange rate if purchasing-power parity holds?
Why do many department stores seek a markup of about 30% when some discount houses operate on a 20% markup? Identify and explain at least three reasons.
Determine and explain which basic economic problem: of what, how and for whom apply to the following the economic decision.
Explain curve shifts and the effect on the equilibrium price and quantity using the standard supply and demand model for : an improvement in the technology of production in the computer market
Assuming that a merger faces some threats and that the industry decides on self-expansion as an alternative strategy, describe the additional complexities that would arise under this new scenario.
The zinc and copper monopolists each set a price, believing that the other monopolist will not change its price. What is the equilibrium price of brass? a. $100 b. $200 c. $300 d. $50 e. $25
How should the manager decide which alternative to pursue? What would happen if too much labor is hired without an addition to capital? Explain using economic terms.
Also, assuming your bank lends out money to the extent allowed by law, how much will the money supply grow beyond the initial $100,000 deposit?
Suppose the minimum wage is above the equilibrium wage in the market for unskilled labor. Using a supply-and-demand diagram of the market for unskilled labor, show the market wage.