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Answer the following questions using examples and applications from the readings. Justify your answers using economic concepts and ideas as they apply. Each response should be between 100-200 words.
Questions:
The demand for labor is said to be a "derived" demand. What is the meaning of a derived demand? How does this concept help to determine the demand for labor? What are some of the factors that determine the supply of labor in a market? What significant factors have changed the supply of labor over the last twenty years? How does a firm determine its prices and the quantity of labor required in the resource market during a specific period? Why do income inequalities exist? How are income inequalities measured? How have income inequalities changed from 1980 to the present? What is the role of the U.S. government, in terms of dealing with the problem of income inequalities? What are the arguments, for and against, government involvement in this area? Why do nations trade? What is meant by the concept of "Comparative Advantage"? Could a nation be better off economically, if it practiced an isolation policy? The United States has had a significant trade imbalance for several years. What are the problems associated with having a negative trade balance? What can be done to correct the imbalance?
A sales tax of $1 per unit of output is placed on a particular firm whose product sells for $5 in a competitive industry with many firms.
Taxicab fares in most cities are regulated. Several years ago taxicab drivers in Boston obtained permission to raise their fares 10 percent, and they anticipated that revenues would increase by about 10 percent as a result.
Suppose that the allocatively efficient output level in long-run equilibrium is 210 meals. Is the deadweight loss for this firm greater than or less than $60?
The long-run equilibrium for a perfectly competitive industry occurs when the firms are earning economic profits of zero. Why would firm stay in business if it is making zero economic profits
What are the advantages and disadvantages of preventing the federal budget from ever being in deficit. Explain why the high employment deficit or surplus might differ from the actual budget deficit or surplus.
What interest rate does she need to get to be able to retired as desired and compounded semi-annually, how much should be deposited now?
bull what is the regulation or statute for?bull who does the act protect?bull what are the consequences for
using the itt tech virtual library research information on companies that have engaged in monopoly behavior such as
A company wishes to introduce a new flavour of tea in the market. Discuss how the company can forecast demand for the new flavour of tea.
Write down any set of numbers. Calculate thier mean, and then the average deviation from the mean. c) Prov that, for every possible sample of n observations, the average deviation from the mean is exactly zero. Is this also true for deviations fro..
Suppose a monopolist can purchase Labor at a price w = 36 and can purchase Capital at a price r = 25. The monopolist's production function is given by Q = L1/2K1/2. The demand facing the monopolist is given by P = 180 - 3Q. a) What is the Monopol..
Two automatic systems for dispensing maps are being compared by the state highway department. The accompanying breakeven chart of the comparison of these systems (System I vs. System II) shows total yearly costs for the number of maps dispensed pe..
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