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According to the National Bureau of Economic Research, a poor family is the one whose income falls below one-half of the median family income. Using this definition of poverty, answer the following questions.
a) How, if at all, would the proportion of poor families be affected if
(i) The income distribution changed from a positively skewed one to a symmetric one, leaving the median income unchanged?
(ii) Every income was increased by 20%?
Evaluate the impact of the proposal to cut prices and what is the optimal profit-maximizing markup suggested by economic theory?
Determine the impact of tariffs and quotas on international competition and discuss two recent examples and how it effected your employer's industry.
Consider the following graph of a monopolistically competitive firm selling DVDs. A. How many DVDs should be sold to rent per day to maximize profit. B. What is the economic profit for this firm operating where economic profit is maximized.
Suppose two types of firms wish to borrow in the bond market. Firms of type A are in good financial health and are relatively low risk. The appropriate premium over the risk-free rate for lending to these firms is 2%. Firms of type B are in poor f..
An excise tax of $1.00 per gallon of gasoline placed on the suppliers of gasoline in a market with downward sloping demand and upward sloping supply would raise the equilibrium price. a exactly $1.00 per gallon.
Question on Production Possibility Frontiers: Studying or Socializing? , The Social and Detail Division of Labor, Methodological individualism and social science
Plot a graph of GDP per capita against life expectancy for the countries shown. Does your plot con?rm the Pritchett and Summers ?nding?
Purpose of this course is to improve your economic decision making and increase your productivity as an employee or entrepreneur.
Suppose that the firms markup over costs is 6%, and the wage-setting equation is W = P(1-u+z) where u is the unemployment rate and z is equal to 0.03. What is the real wage as determined by the price-setting equation? What is the natural ..
Provide two examples of actions taken by a company, government, or organization whose effect is to prevent specific markets from reaching equilibrium. What evidence of excess supply or excess demand can you cite in these examples?
You own and operate a fruit stand. Your demand curve is given by P = .5 - .002Q, where P is in dollars and Q is in pounds of fruit. Your marginal cost curve is MC = .006Q. Your fixed costs equal $10.
Will firms in industries, in which high levels of output are necessary for minimum efficient scale, tend to have substantial degrees of operating leverage? Please explain.
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