Concepts of supply and demand, substitution and equilibrium

Reference no: EM1373855

Some economists did a study of market for economists in Britain. They discover that the quantity demanded was about 150 per year, and that the quantity supplied was about three hundred per year. Using your new-found economic reasoning powers:

- What did they predict would happen to the economists' salaries?
- What likely happens to the excess economists?
- Why doesn't the price change immediately to bring the quantity supplied and the quantity demanded into equilibrium?

Reference no: EM1373855

Questions Cloud

Explain how many dvds should blockbuster order : Explain how many DVDs should Blockbuster order. Illustrate what is its expected profit. Illustrate what is the profit that the studio makes given Blockbuster's actions.

Design a program that asks for the price of each item : Design a program that asks for the price of each item and then displays the subtotal of the sale, the amount of the sales tax and the total.

Total product curve : Assume that you have drawn a total product curve for labor given a technology. Now let some sort of technological change rise in the productivity of labor.

Marginal and average products : The number of repairs manufactured through a computer repair shop depends on the number of employees as follows:

Concepts of supply and demand, substitution and equilibrium : Some economists did a study of market for economists in Britain. They discover that the quantity demanded was about 150 per year, and that the quantity supplied was about three hundred per year

Determine equation describing the demand for labor : Think an economy with following Cobb Douglas production function; Determine the equation describing the demand for labor in this economy?

Illustrate what order should these occupation be done : Using Johnson's rule, illustrate what order should these occupation be done. Select one of the following answers.

Opportunity costs of buying versus renting : A person rents a home for which she pays the landlord $12,000 a year. The can can be bought for $100,000 and tenant has this much money in a bank account that pays 4 percent interest per year.

What is regular distribution : The time among arrivals of regular fliers is also exponentially distributed with a mean of 4 min. At the check in counter, travellers wait in a single line until one of the 5 agents is available to serve them. The check in time follows a regular d..

User Account

All Pages