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Participation in the labor force is a personal decision that can be illustrated using indifference curves and a budget constraint.
a. Explain and show graphically why a person with non-labor income may choose not to participate in the labor force, relating this decision to the concept of the reservation wage.
b. Explain and show graphically why a person may choose to "moonlight" or to work additional part-time hours. related to requirements that c.
a. What is the own price elasticity of demand when Px = $140? Is demand elastic or inelastic at this price? What would happen to the firm's revenue if it decided to charge a price below $140?
Compare the consumer surplus, producer surplus, and deadweight loss that arise from average cost pricing with those that arise from profit-maximization pricing.
A pure monopolist determines that at the current level of output the marginal cost of production is $2, average variable costs are $2.75, and average total costs are $2.95
Presume there are two consumers, A and B. The utility functions of each consumer are given by: UA(X,Y) = X*Y UB(X,Y) = 2X + Y The initial endowments are: A: X = 4; Y = 2 B: X = 6; Y = 8. Is the initial allocation Pareto Efficient? What is the margina..
what are the different types of unemployment? how do they affect the economy in terms of growth labor force and price
Demand and supply analysis to make a range of market related decisions - examine and demonstrate why it might be necessary for government to intervene in the production of goods and services and in the distribution of income
What are at least two (2) reasons why corporate finance is important to all managers? Support your response with examples of activities and events that demonstrate this importance.
Consider a self contained city, in which all workers live in the city. The initial equilibrium wage is Wo and the initial equilibrium employment level is No. The city receives a grant from the state to increase its marketing efforts to attract touris..
Airline passengers are broadly segmented by purpose of travel. Characterize the two major segments by price elasticity of demand. What is the implication for the price each segment will pay for air travel?
What is the socially optimal quantity of paper that should be produced? Draw a picture to show both the unregulated market equilibrium and the socially optimal equilibrium.
Describe why alternative efficient allocations may have different total levels, and different distributions, of wealth.
In 2000, Denmark had a GDP of $160 billion (measured in U.S. dollars) s and a population of 5.3 million. By what percentage did Denmark's GDP per capita rise between 1980 and 2000?
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