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Karl is a builder and is required to cut the timber for a house project with a chainsaw for 50 hours. He owns an old model chainsaw that costs $10/hour to run. The new model chainsaw is available to buy for $150 and would reduce the running cost by 40%. Karl expects the new model to provide increased precision worth $200. What is the economic surplus/loss of Karl buying the new model chainsaw? Answer to the nearest whole number (with no decimal places or $ sign. If a loss, include a minus sign).
Economists can measure this kind of as an expected cost. The expected cost of engaging in an illegal activity equals the cost you pay if you are caught time the probability that you will be caught. Now suppose that the number of RIAA lawsuits increas..
q.the north american free trade agreement nafta was created 20 years ago to expand trade among canada u.s. as well as
Illustrate the entry barriers exist in the fast food industry. Compute the labor participation rate: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150.
After getting an A on your economics exam, you decide to go to your favourite Mexican restaurant to celebrate. You are having trouble deciding whether to order the chipotle chicken chimichanga or the cilantro seafood enchiladas. Use the rule of equal..
Suppose that Marr's utility function for Wegmans' ice cream (W) and Tops' ice cream (T) is U= W+T. The price of Wegmans' ice cream is $5 and the price of Tops' ice cream is $4.
The owner of a test prep company was interested in whether students who took the company’s face to face test prep class did better on the GRE than students who followed the test prep company’s live online program. In which situation could the test pr..
Why is it important that prices are flexible in the economy? Do you think government should be involved in manipulating prices?
Suppose that the demand for reserves when the federal funds rate exceeds the interest rate on reserves is given by D=40-(2*i); where I is the federal funds rate in percent and D is expressed in billions of dollars. Calculate the equilibrium federal f..
In the packing department, a worker stands sideways between the end of a conveyor and a pallet. The surface of the conveyor is 40 in from the floor, and the top of the pallet is 6 in from the floor. As a box moves to the end of the conveyor, the work..
Utilize the sticky-income theory of cumulative provide to explain illustrate what will take place to o/p also the price level play in this adjustment
An office building should last 60 years, but this owner will sell it at 20 years for 40% of its construction cost. For the first 20 years it can be leased as Class A space, which is all this owner operates. When the building is sold, the land’s cost ..
A Mexican restaurant offers a special menu for children for which there is a choice of a beef taco or a chicken burrito with either french fries, refried beans or a salad, plus one of four beverages. How many special menu possibilities are there?
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