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Bart Simpson spends his day either skateboarding (leisure) or babysitting his sister Maggie (work), for which his mom (Marge) pays him an hourly wage of w. Marge has decided to increase Bart's hourly wage. For each of the following cases, determine what happens to the number of hours that Bart spends babysitting his sister. Interpret your results graphically using the income and substitution e?ect.
1. Leisure is an inferior good.
2. Leisure is a normal good.
Suppose that you are a monopolist who produces gizmos, Z, with the total cost function C (Z) = F + 50Z; where F represents the firms fixed costs. Your marginal cost is MC = 50. Suppose also that there is only one customer in the market
A firm currently uses 50,000 workers to produce 200,000 units of output per day. The daily wage per worker is $80, and the price of the firm's output is $25. The cot of other variable inputs is $400,000 per day. Assume that total fixed cost equals..
Fancy Gadgets, Inc. has developed a new Thing-A-May-Jig at a cost of $2,000,000. Projected profits from the sale of Thing-A-May-Jigs for the next five years are: $300,000, $400,000, $500,000, $600,000, and $250,000. At the end of the fifth year, t..
Calculate the net cumulative change in aggregate expenditure if taxes were cut by $200 billion and MPC is estimated to be .75. What if government expenditure was increased by $200 billion
Stan Moneymaker needs 15 gallons of gasoline to top off his automobiles's gas tank. If he drives an extra eight miles (round trip) to a gas station on the outskirts of town, stan can save $0.10 per gallon on the price of gasoline. Suppose gasoline..
The national average for the verbal portion of the College Board's Scholastic Aptitude Test (SAT) is 507. The College Board periodically rescales the test scores such that the standard deviation is approximately 100. Compare and contrast the Empiri..
A duopoly faces a market demand of p=120-q. Firm 1 has a constant marginal cost of MC1=20. Firm 2's constant marginal cost is MC2=40. Calculate the output of each firm, market output,
The income elasticities of demand for movies, dental services, and cloting have been estimated to be +3.4, +1, and +.5, respectively. Interpret these coefficients. What does it mean if an income-elasticity coefficient is negative
b) Using a method similar to the consumer price index, compute the percentage change in the overall price level. c) If you were to learn that a bottle of Gatorade increased in size from 2009 to 2010, should that information affect your calculation..
Nominal GDP uses current prices as a measure of the value of goods and services produced, while real GDP uses prices of goods and services in a base year to measure value. Suppose an economy consists of three goods: pizza, sodas, and televisions.
Assuming the oversimplified multiplier is correct, Supposing the GDP is currently $25,000 and themarginal propensity to consume is .50. If autonomous investment increases by $5,000, what will GDP be in the new equilibrium
Based on long years of experience, an instructor in the principles of economics has determined that in her class the probability distribution of X, the number of students absent on Mondays, is as follows: X: 0 1 2 3 4 5 6 7F(x)0.005 0.025 0.310 0.3..
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