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Graph and label as either direct or indirect the relationships you would expect to find between (a) the number of inches of rainfall per month and the sale of umbrellas, (b) the amount of tuition and the level of enrollment at a university, and (c) the popularity of an entertainer and the price of her concert tickets.
Suppose the production function for good q is given by q = 3k + 2l where k and l are capital and labor inputs. Please answer the following questions: (1) What is the return to scale for this function? (1) What is the RTS of this function?
Beautiful people are no better than ordinary people at problem solving, but they are more self-confident about their abilities, and in face-to-face interviews.
Suppose that the Acme Gumball Company has a fixed proportions production function that requires it to use two gumball presses and one worker to produce 1000 gumballs per hour. a) Explain why the cost/hour of producing 1000 gumballs is 2v+w (where v i..
Should one distinguish between economist’s descriptive statements, propositions, and predictions about the world, and their statements about what policies should be adopted?
A pure competitive star industry consists of a large number of independent firms producing a standardized product A. determines the average cost function? Define the profit function for the company that is at an equilibrium position if we know,that t..
Identify the quantity of output the monopoly wishes to supply and the price it will charge. Suppose demand for the monopoly’s product increases dramatically. Draw the new demand curve.
The term "unemployment rate" in economics refers to:
Monster Conglomerate Inc (MCI) manufactures paper clips for the Pentagon. At its current capital stock it produces paper clips with the production function: y = 8.5L-0.5L2 where L is the number of workers employed. What happens to MC Inc.’s labor dem..
Assuming that this month is a good representation of all months ahead, should Edith and Mathew continue to use the highway for traveling to work?
What is the price elasticity of demand for the phones and is this consistent with the increase in revenue? Please give an explanation and show all calculations.
The president of the Fed announces in a press conference that he will fight the higher inflation rate with a new anti-inflation program. Using the supply-demand framework in bonds market, predict what will happen to interest rates?
Suppose a human life is worth $10 million. Installing a better lighting system in the city park would reduce the risk of someone being murdered there from 3.5 to 2.9 percent over the life of the system. The city should install the new lighting system..
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