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The next three questions refer to the graph below. (Assume that the premigration labor force in country A is a and that it is h in country
B.) Explain your answers with reference to areas in the graph (1, 2, etc.) or to letters (a, b, c, etc.).
(a) What will happen to wage rates in country A and country B because of the migration of labor from country B to country A?
(b) What will happen to domestic output in country A and country B after immigration?
(c) What will happen to world output given the experience in these two nations?
It is supposed that the liquid soap market is perfectly competitive and current price of a case of liquid soap is $42.00. The firm has estimated it's marginal cost function to be as follows: MC=0.006Q.
Create and explain a production possibilities frontier for an economy that produces milk and cookies. Determine what happens to this frontier if disease kills half of the economy's cow population?
Describe each of the subsequent using supply and demand diagrams.
What is an "oligopoly" and why do they exist? Mention three or four oligopolies whose products you own or regularly purchase.
Analyse a range of current economic issues and problems and develop and communicate economic arguments in a variety of forms.
Calculate the net present value and benefit-cost ratio for four different discount rates
For each of the following events, indicate whether the AD or the AS curve shifts. In brief describe the reasoning behind your choice.
Suppose that Apple must pay a royalty on each mobile device that it produces. How should Apple adjust its production and price in response to the royalty?
What key economic concepts underlie the employ of discount coupons by businesses?
Using the ideas of marginal costs and marginal revenues, describe why economic profits are maximized where marginal revenue equals marginal cost and why profits decline if price is above or below the profit maximizing price.
What is the consumer surplus [loss] associated with the merger and what was the profit before the merger? after? increase? How does the consumer loss compare to the increase in profit?
Assume that the aggregate demand curve is P=120 - Q, where P is price level and Q is real output. If the short-run aggregate supply curve
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