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Pham can work as many or as few hours as she wants at the college bookstore for $9 per hour. But due to her hectic schedule, she has just 15 hours per week that she can spend working at either the bookstore or at other potential jobs. One potential job, at a café, will pay her $12 per hour for up to 6 hours per week. She has another job offer at a garage that will pay her $10 an hour for up to 5 hours per week. And she has a potential job at a daycare center that will pay her $8.50 per hour for as many hours as she can work. If her goal is to maximize the amount of money she can make each week, how many hours will she work at the bookstore?
Consider the following demand schedule. Does it apply to the perfectly competitive firm? Calculate marginal and average revenue.
What is the group preference and what is the group choice according to the Borda count rule? Please justify your answers.
Calculate the magnitude of the consumer surplus and producer surplus in the pre-tax equilibrium and calculate the tax revenue in the post-tax equilibrium
Which of following industries would you classify as an oligopoly? Which would you classify as monopolistically competitive? Explain your answer.
Consider a firm with total short-run cost function C=a+b.Q. New legislation means that it should pay an environmental tax which is the fixed sum, independent of whether it produces any output.
Depict an isoquant map depicting a typical firm's use of two inputs - white and black labor. Label its slope. What would be the effect of an increase the price of black labor from $12 to $13 and a decrease in the price of white labor from $13 to $12..
Assume monopolizing a service or product of your choice. Discuss how you would go about setting prices for your product or service.
Make a short treatment on the examine governments take to promote exports and restrict imports. Describe who profits and who loses from protectionist rules as they relate to net outcome for society.
Construct the Coutrnot profit function. Differentiate this function and solve for the reaction functions of firm one and firm two.
If the lending process continues as far as it can possibly go, how many deposit dollars will be created from this initial $1000 deposit?
Now assume that there're five firms in the industry, and that they collude to set the price. What price will they set? What will be the output of each firm? What will be the profit of each firm?
Find out if, for the good marked with ALL CAP lettering, if there is the increase or decrease in demand.
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