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You are going to buy a new computer at a downtown store that is a 25-minute drive each way and has the computer for $860. You earn $16 per hour at your job and will have to take time off to go buy the computer. You can expect to spend 40 minutes in the store making your purchase. What is the implicit cost of buying the computer? Enter an answer such as 42.00 or 34.50, with two decimal places.
Suppose Ernie gives up his job as financial advisor for P.E.T.S., at which he earned $30,000 per year, to open up a store selling spot remover to Dalmatians. He invested $10,000 in the store, which had been in savings earning 5 percent interest. This..
A natural gas well is projected to produce $200,000 in profit during its first year of operation, $190,000 the second year, $180,000 the third year, and so on, continuing this pattern. If the well is expected to produce for a total of 10 years, and t..
Assume the market for oil is perfectly competitive, with the following market demand and supply curves: Find the equilibrium price and quantity for this market. Calculate consumer and producer surplus in the competitive equilibrium.
How do you think each of the following affected the world price of oil? a) A major war began in the oil-rich Middle East. b) The Alaskin oil pipeline was completed. c) The ceiling on the price of oil was removed. d) Oil was discovered in the North Se..
A machine that produces a certain piece must be turned off by the operator after each piece is completed. The machine "coasts" for 15 seconds after it is turned off, thus preventing the operator from removing the piece quickly before producing the ne..
The government wants to run expansionary fiscal policy (deficit spending) to achieve full employment. For this purpose, the government wants to provide each unemployed person with a low wage job. Calculate the amount of additional deficit spending (i..
The market for internet services is perfectly competitive. Joe’s Internet Services has total cost function TC(q) = 6q2 + 5q + 20 and marginal cost function MC(q) = 12q + 5. The current price per unit of internet services is $53. Determine the output ..
Which of the following effects helps to explain the slope of the aggregate-demand curve? Tax cuts shift aggregate demand
Omega Travel competes in the highly competitive market for travel. Consumers know that Omega has the best agents in the industry and offers superior service. Nonetheless, Omega earns zero economic profits because numerous competitors have entered the..
The transmission mechanism of monetary policy indicates that a rise in interest rates is expected to:
Food prices has gone up globally in last few years. Explain how the income effect influences food purchases and provide some examples of the income effect that might occur when the price of food rises and other things remain the same.
Many people find the current unemployment figures for Australia a bit unbelievable. Why is this? Why might the official statistics be inaccurate? Using the simple Keynesian (J-W) model to assess the implications for equilibrium GDP and the level of s..
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