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If your money wage doesn't increase, you may work more hours because of this cost-of-living increase. Is this response predominantly an income effect or a substitution effect? Briefly explain.
Assuming that unilateral transfers and net income flows are negligible for Z-Land, which one of the following can be concluded with precision (i.e. is absolutely true under all circumstances)?
Is this a constrained optimization problem or an unconstrained optimization problem? What is the maximum average grade Brian can earn if he studies 19 hours per week?
Now suppose that the demand curve for the good increases such that the equilibrium price rises from $20 to $30. How does total revenue for the sale of this product change?
Draw a neat diagram showing the D and MR curves, John's MC, the price-quantity equilibrium in the market under the two cases of perfect competition and monopoly, and the change in welfare.
Consider a world in which prices are sticky in the short-run and perfectly flexible in the long-run. Did the exchange rate "overshoot?" If so, identify the overshooting in your diagram.
Draw and use a PPC to graphically show and verbally explain to the subcommittee members the opportunity cost at a point in time of expanding any one of the programs.
Assuming all changes in quantity were due to the change in price, what is the price elasticity of demand for the Dulles Airport Greenway?
Draw the consumer's budget line in the absence of the Food Stamp Program. What is the market rate of substitution between food and "all other goods"?
find the solution for optimal units of labour and capital, L* and K*. Note: during solution, do not use values. For the same question, find the optimal units of Labour (L*) and Capital (K*) that will
the remaining are restricted to evening and weekend usage. If you go over your allotted time, you are charged 35 cents per minute for any additional minutes. what is your average variable cost curve
Described by the Solow model and they had the same values for α and δ but different values for n, what would their ratio of per capita income be?
Use the Solow model to calculate the ratio of their steady state levels of income per capita. How can you explain the result?
Draw two diagrams, side by side with the money market diagram for Denmark on the left and the expected return in krone / exchange rate diagram on the right hand side.
Draw two diagrams with the money market diagram for the US on the left and the expected return in $/ exchange rate ($/yen) diagram on the right.
How do nominal interest rates, prices, and the exchange rate evolve over time? Please use a separate time series diagram for each variable.
Describe the influence that pay ratio and pay equity has on employee performance and the importance of relating pay to the strategy and tactics of the organization.
As a result of the new surcharge, what would you expect to happen to the number of checked bags, as well as the average weight of checked bags? Why?
Given the assumptions in our model, does an equilibrium exist with all three stands clustered in the middle? Explain your answer, and provide any additional clarifying assumptions you may wish to ma
the consumers have a travel cost of $3/mile, and the lemonades are costless to produce. How many lemonades are sold by each stand? What are the realized profits for each owner?
Flat panel TV prices have dramatically decreased from the levels when these products were just introduced. Using a simple demand and supply analysis, explain the reason for this price decrease.
The relationship between paint output and average cost as DuPont expected it to be. Draw another graph that would explain the result that the more paint the company sold, the more money it lost.
Given that the output ratio is initially 100 and the expected inflation rate equals 3.2 percent, calculate the rate of inflation if real GDP grows by 3.2 percent.
The consumers have a travel cost of $3/mile, and the lemonades are costless to produce. How many lemonades are sold by each stand? What are the realized profits for each owner?
Formulate the problem of finding a feasible maintenance sched- ule in which all demands are satisfied. Modify your formulation to handle the objective: minimize the largest monthly fluctuation in labo