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Draw simple labor supply and demand graphs for the occupations of school teachers and plumbers to show the labor market in each profession. Assume that some workers prefer to clean drains for a living, and some prefer to teach children, but that all will change occupations if the wages are high enough.
Now assume that men face discrimination that prevents them from becoming teachers; show and explain the effect of this discrimination on wages and labor supply in both occupations graphically and in your own words.
Show the reduction in output from discrimination. Show the economic gains from eliminating discrimination. With such gains, why has it been so difficult to enact and enforce anti-discrimination policies?
The price of a good will be driven to a lower price when there is:
Illustrate what does your anticipated adjustment process imply about the CR for the industry. Industry B has 20 Industries also a Concentration Ratio (CR) of 80%.
Find the quantity that maximizes the profit of the monopolist, the profit of the monopolist and the corresponding domestic and international price.
Suppose the demand and supply of chickens is given by: Graph the demand and supply curves and determine the equilibrium price and quantity. Suppose a quota of 4000 turkeys is imposed. What will be the new equilibrium price? Show the loss to consumers..
What are the goals of an economic system? What is the criterion to measure the effectiveness os a system? What are monetary goals? What are the fiscal goals? How do governments influence monrtary and fiscal goals?
In the argument for why perfect competition is allocatively efficient, the price that people are willing to pay represents the gains to society and the marginal cost to the firm represents the costs to society. Can you think of some social costs or i..
Answer the same questions as in the previous problem if TC = .5m + 10Q. In which problem are economies of scale more important? Explain how this affects your outsourcing decision.
Conclude cost elasticity of demand at each quantity demanded utilizing formula % chg in QD divided by % chg in cost.
Interest payments on a bond are $500 twice a year. If the bond interest rate is 5% per year compounded semiannually, the bond face value is: Two mutually exclusive alternatives, A and B, are to be evaluated by the ROR method. The initial investment f..
The Fed's two main monetary policy targets are _____. Of these, the FED chooses to target _____.
Consider the demand for Ramen noodles. Suppose the price of Ramen noodles decreases. If Ramen noodles are a normal good, this will produce a _____ (choose: positive/negative) substitution effect and a ________ (choose: positive/negative) income effec..
Discouraged employees are not considered unemployed. People who work part time but want to be working full time are considered employed.
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