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Consider the following scenarios and classify the type of unemployment.
a. A fast food worker quits his job to look for a job as an engineer.
b. The invention of cassette tapes leads to the closure of firms engaged in vinyl record production.
c. Ferry boat operators are laid off each year while the lake is frozen.
Suppose that low-skilled workers employed in clearing woodland can each clear one acre per month if each is equipped with a shovel, a machete, and a chainsaw. Clearing one acre brings in $1300 in revenue. What is the marginal revenue product of hirin..
Explore the differences between economic model, economic theory, and economic policy. How would you explain this to a friend who has no clue what the differences are. Compare and contrast.
Suppose a monopolist faces the following demand curve: What is the monopolist’s profit-maximizing level of output? What price will the profit-maximizing monopolist charge? How much profit will the monopolist make if she maximizes her profit?
Calculate the present value (PV) of profits for Abe's business at each of the following discount rates: 8%, 9%, 10%, and 12%.
How much do you expect to get paid for a year in the second investment to be indifferent between two investment choices? (The two investments have the same Expected Profit) What is the Risk Premium in the second choices?
Suppose you have three indivisible assets, A, B and C with internal rates of return 2%, 5% and 10% respectively and initial costs of $1, $4, $5. Suppose you have $8.0 at 1% and can borrow at 8%. What is the incremental cost of funds on asset B?
Globalization and global trade have led to increased competition in world markets and increased efficient allocation of scarce resources. Is it accurate to say that this is contributing to increased consumer surplus and reductions in inflationary pre..
What is the test statistic for the null hypothesis that mu=10 when the point estimate is 13 and the sample standard deviation is 2 and the sample size is 17.
Utilizing productive efficiency as guide, which nation should produce Chevrolets and which should produce Toyotas.
Which of the following statements is consistent with what happened during the Great Recession? Identify whether the following statement is more likely to come from a classical economist or a Keynesian economist. “The recent decline in consumer confid..
How is the fact that more low-income families are sending daughters, rather than sons, to college likely affecting the female income gap in the future? Why do you think economists argue that the female wage gap will not entirely disappear unless wome..
Statistical analysis indicates that a=0.8 and b=0.3. The firm's owner claims the plant has increasing returns to scale.
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