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Amy is a college student who lives in Dallas and does some consulting work for extra cash. At a wage of $25 per hour, she is willing to work 6 hours per week. At $35 per hour, she is willing to work 16 hours per week.
Using the midpoint method, the elasticity of Amy’s labor supply between the wages of $25 and $35 per hour is approximately (.03, .37, 2.73, or 11), which means that Amy’s supply of labor over this wage range is _____ (elastic or inelastic).
An auto-service establishment has estimated its monthly cost function as follows: What price should the firm charge to realize the targeted profit? What would be its (cost-based) markup ratio? Now suppose the demand curve the firm faces is: Q = 3000 ..
Assume that you are the manager of a firm. You are concerned about a potential increase in interest rates because it would reduce the demand for your products. Currently, economic growth is high, but annual inflation has increased from 3 percent to 5..
If there is a new breakthrough in manufacturing technology that reduces the cost of producing DVD players by half, what will happen the following Four parts of supply and demand: (1) supply of DVD players, (2) demand for DVD players, (3) price and sa..
A Japanese carmaker plans to expand its production in the United States. The company borrowed $170 million for this expansion at an interest rate of 8% per year. The loan will be repaid in equal payments at the end of each year over a 15-year period...
In the short run an expansionary monetary policy affects. When the money supply curve shifts to the right. If the required reserve ratio is 30% then the money multiplier is. In the money market bond prices and interest rates are. In the balance of pa..
Suppose a firm’s technology is represented by the Cobb-Douglas production function F(L, K) = 5LK. The wage rate is $50 and the rental rate of capital is $10. What is the least-cost combination to produce 100 units of output?
What is the structure of the Fed? What is the difference between the Fed and the Treasury? What are the goals of the Fed? What actions are at the disposal of the Fed?
Carrboro has three equal-sized groups of people: (1) type A people consistently prefer more police protection to less; (2) type B people prefer high levels of police protection to low levels and they prefer low levels to medium levels; Which types of..
Assume that there are two types of consumers. In particular, consumers of type 1 has utility function u(x, y) = x0.5 y0.5, whereas consumer of type 2 has u(x, y) = x0.3 y0.7. Find the Marshallian demands of x for both types of consumers. Compute the ..
Suppose that omar's marginal utility for cups of coffee is constant at 1.5 utils per cup no matter how many he drinks. On the otherhand, his marginal utility per doughnut is 10 for the first doughnut he eats, 8 for the third he eats, and so on. In ad..
Utilize the sticky-income theory of cumulative provide to explain illustrate what will take place to o/p also the price level play in this adjustment
Some lenders charge an up-front fee on a loan, which is subtracted from what the borrower receives. This is typically described as "points" (where one point equals 1% of the loan amount). The federal government requires that this be accounted for in ..
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