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Using a diagram and the concept of "producer surplus; and "consumer surplus", explain:
A) How international trade could increases economic welfare, when the world price of a tradable good is lower than the domestic price. ‘
B) How protective import tari?'s would affect economic welfare of this economy.
The relationship between a worker’s daily wage, w, and her daily output, q, is q = 0.1w22 – 0.0005w3 so that the worker’s marginal product with respect to her wage is MPw = 0.2w – 0.0015w2. What is the optimal efficiency daily wage for the firm to pa..
The following figure plots the average farm prices of potatoes in the United States for the years 1989 to 1998 versus the annual per capita consumption. Each point represents the price and quantity data for a given year. Explain whether simply drawin..
Two firms have identical cost curves, but firm A is a price taker while firm B is a price searcher. Is it possible that the two firms could find themselves at the same wealth maximizing output? (Assume that firm B is NOT able to engage in any form of..
Suppose at the current level of labor used, the MRP = $100 and the MFC = $50. Elucidate the maximize profits
According to the political business cycle theory, if the Fed wanted to see a President re-elected, prior to the election it might
Suppose that a jewelry store found that when it increased prices by 10 percent, sales revenue increased by 3 percent. Which of the following is true about the price elasticity of demand for the store's goods?
Two identical fishermen, Jill and Kevin, fish from the same lake. Since they are only two small producers, they cannot effect the price paid for their fish (P = 100), but they do influence each other’s costs. Write down the profit function for each f..
Discuss problems of measuring productivity in actual work situations. How might productivity be measured for each of the following industries?
The difference between the cost to produce the CDs and the price you paid for them spending $30 on two new CDs spending $30 on dinner and a movie with your friends.
In order to partially address the problem of obesity, suppose that the U.S. government is considering a tax on chocolate! Assume that before the tax, the market for chocolate is perfectly competitive and can be represented by: QD = 5000 – 25P, and QS..
An Investment has the following cash flow series where interest is 8 percent. Determine the present worth of the series. Determine the future worth of the series at the end of year 8. Find the worth of the series at the end of year 2.
Jessica Alba, a famous actress, starts the baby and family products business, The Honest Company, with Christopher Gavigan. Alba and Gavigan set up their site so families can choose what kinds of non-toxic, all-natural products they'd like to use ..
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