Economic choices-labor shortages

Assignment Help Microeconomics

Reference no: EM1367075

1. List two economic choices you had to make with in last week. Alfred Marshall said in the 1890s, "economics is the study of man in the ordinary business of life." You must analyze one or two of these choices in terms of the alternatives you gave up.

2. Supply and demand analysis is very useful for explaining and predicting equilibrium price and quantity. Very few managers, however, will ever draw supply and demand curves for a real good or service. Nevertheless, they can observe whether a market is in equilibrium. Suppose a hospital manager measures the market for registered nurses (a factor market) and the price (salary) that employers offer is $40,000 per year. The manager observes that there is a shortfall of 1000 nurses in the metro area. What does this say about the equilibrium salary (price) for nurses? What other evidence could a manager look for to infer whether a market is in equilibrium? What are possible causes of the shortage?

Reference no: EM1367075

Questions Cloud

Write class to represent temperatures in degree-fahrenheit : Write Temperature class to represent temperatures in degrees in Celsius, Fahrenheit and Kelvin. Use floating-point number for temperature and a character (type char) for scale.

Calculating the return on an investment : A 1949 Vincent Black Shadow Series V motorcycle sold for about $45,000 in 1996. If you were fortunate enough to have bought one new for $630 in 1949,

Data in the cancer registries : What is the main purpose behind developing and maintaining this massive collection of data in the cancer registries?

Leakage adjusted money multiplier : Assume the ratio of deposits that banks hold in the form of reserves is 7 percent. Assume further that people want to hold 8 percent of their deposits in the form of cash.

Economic choices-labor shortages : Mention two economic choices you had to make with in last week. Alfred Marshall said in 1890s, "economics is the study of man in ordinary business of life." You must examine one or two of these choices in terms of alternatives you gave up.

Differentiating debate from a discussion : Identify the features that differentiate a debate from a discussion. What is the method used to make the difference between what constitutes a debate and a discussion?

Interpret basic statistical data : Writing About Testing Worries Boosts - Exam Performance in the Classroom and wm is a short-tam memory system involved in the control and regulation of a limited amount of information immediately relevant to the task at hand.

Write pseudocode for finding grade of a student : Write pseudocode for finding grade of a student given his/her total score. The program must display a grade of A if the score is above 85, a B if it is between 85 and 75, a C.

Determine the risk : Explain how Jenny might optimally invest $1,000,000 in a portfolio of financial assets to earn an expected return of 14 percent per annum and determine the risk that she would face in doing so.

User Account

All Pages