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1) The base pay for army recruits is $16,000 per year. The army has been recruiting 100,000 new soldiers each year. But this is found to be inadequate given the need for troops in abroad. The Pentagon decides that the total number of new recruits should be increased to 150,000. If the price elasticity of supply for army recruits is 2, what would have to be the increase in base pay to attract the desired number of recruits?
2) Be prepared to do the following sort of calculation: In 1982 Harvey Homeowner bought a new home for $138,000. In August of 2004 he sold the home for $199,000. If 1982 was the base year for the CPI and if it stood at 189.5 in 2004 when he sold his home, how did Mr. Homeowner make out on his investment?
Fill in the column "Society's willingness to pay." Then draw a graph of society's demand for the public good.
Elucidate why does the government create monopoly power via its patent system, when elsewhere it spends millions trying to prevent the emergence of or regulate monopoly power.
Show that each of these has a diminishing MRS but that they exhibit constant, increasing, and decreasing marginal utility, respectively. What do you conclude?
Given the budget equation 5M + 10P = 100, where M represents movies and P represents pizza, the slope of the budget line is
find out an expression for her marginal cost and her average cost per patch of grass as a function of the amount of grass she gets from every patch
suppose the quantity of good x demanded by individual 1 is given by x1 10 ?? 2px 001i1 04py and the quantity of x
The compressor is a key component in manufacturing both refrigerators and air-conditioners.
Cary has the following utility function: U(X,Y)=10x^2y where X is her consumption of Blu-ray disks with a price of $40 and Y is her consumption of DVDS with a price of $10. She has $900 with which to spend on the two goods. Determine the number of Bl..
The U.S. government strongly encouraged unions to be formed in the early 1940s because they held the view that unions would help to
What is held constant when a demand curve for a specific product (shoes,apples) is constructed?
q.the bolt-making industry currently consists of 20 producers all of whom operate with the identical short-run total
You had chosen to take a trip during spring break if you had not gone you would either work a temporary job or studied for exams the opportunity cost of your trip.
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