Society consists of three cities with populations

Assignment Help Business Economics
Reference no: EM131112694

Suppose a society consists of three cities (A, B , C. ) with populations of 99,000 , 51,000 , 6,000 people respectively. Suppose that the society has 15 doctors total.

a. What cities will have how many doctors?

b. If the number of doctors doubles to 30. How many will live in each city?

My professor didn't answer it when I asked if I had it correct... but his advice : Calculate the number of doctors per capita in each city for the answer you think is correct. If you cannot move doctors from one city to another in a way that allows that doctor to have more patients in the new city than in the old one, then they are in equilibrium.

Reference no: EM131112694

Questions Cloud

The total after-tax investment in the defender : A current asset (defender) is being evaluated for potential replacement. It was purchased four years ago at a cost of 565,000. It has been depreciated as a MACRS (GDS) five-year property-class asset. The corresponding depreciation rates are: 20%, 32%..
The quantity theory of money states that the money supply : The quantity theory of money states that the money supply (M), velocity of money (V), price level (P), and real GDP (Y) are related by the equation . According to this equation, if velocity and real GDP are constant and the Federal Reserve decreases ..
What is externality-major income maintence programs : What is externality? Why don't people take into consideration the external costs of their actions? Describe four major income maintence programs in the United States. Suppose a union negotiates a wage that is above the market-clearing wage. What prob..
What is the nash equilibrium of this pricing game : What is the Nash equilibrium of this pricing game? Is there a better solution to this game? If so, what mechanisms would you advise General Electric or Westington to put in place to increase the likelihood that both parties agree to the better soluti..
Society consists of three cities with populations : Suppose a society consists of three cities (A, B , C. ) with populations of 99,000 , 51,000 , 6,000 people respectively. Suppose that the society has 15 doctors total. What cities will have how many doctors? If the number of doctors doubles to 30. Ho..
Calculate the share of wages that represents payments : In the United States, the average hourly earnings of production workers in 2007 were $17.45 per hour. The national minimum wage was $5.85 per hour. Assume that the minimum wage represents what a worker receives for "raw labor". Using these data, calc..
Equilibrium discrimination and crowding-long-run competition : Equilibrium discrimination and crowding. Suppose there are two occupations, economists and psychologists. Long-run competition. Most of the cost of a new airplane is in the research and development and in building production facilities. By contrast, ..
How countries address problem of currency market pressures : In a fixed exchange rate system, describe how countries address the problem of currency market pressures that threaten to lower or raise the value of their currency? Be specific, in other words, explicitly state what a country would do in the case of..
Market models in terms of productive-allocative efficiency : Compare the elasticity of a monopolistic competitor’s demand with that of a pure competitor and a pure monopolist. Contrast the two market models in terms of productive and allocative efficiency.

Reviews

Write a Review

Business Economics Questions & Answers

  Production function

Touchie MacFeelie's production function is 0.1J1/2L3/4 where J is the number of old jokes used and L is the number of hours of cartoonist's labour. He is stuck with 900 old jokes for which he paid $6 each. If the wage rate for cartoonists is $5 per h..

  Central bank would be most effective in reducing inflation

Which of the following actions by a nation's central bank would be most effective in reducing inflation?

  New wages increase or decrease

wages decrease by 15%. by what % do the new wages increase or decrease. 3. divide 3420 into two parts such that one part is 28% more.

  Find the profit-maximizing number of workers for the firm

The Robbins Corporation has the following production function for producing diving masks: q = K + 2 (L)(1/2) Its input prices are pK = $6 and pL = $4. It can sell as many masks as it likes for $20 each, which means that the marginal revenue or MR for..

  What are the trade war possibilities

How could such a policy create challenges for trading partner relationships? What are the trade war possibilities? What would you propose if you were in Congress

  Financial capital they need to pay for new equipment

Which of the following would be the least likely method for firms to raise the financial capital they need to pay for new equipment?

  Marginal revenue product and the marginal cost

Define the marginal revenue product (MRPL ) and the marginal cost (MCL ) of labor. Explain why the condition MRPL = MCL is necessary for profit maximization.

  What is the present worth of the cost

Cost of a part increases by 3$ every 6 months. If the cost for the first semiannual period is expected to be $85, what is the present worth of the cost for a 4-year time period at an interestrate of 1% per month?

  Solve a divisional conflict regarding a decision

Which of the following changes might help solve a divisional conflict regarding a decision? If you were a manager of a cost center, which of the following areas would be of most interest to you? Which of the following actions is consistent with a man..

  What will it likely do to lawyers wages

Global outsourcing has cost the U.S. economy far more than one million jobs since 2001, or somewhere between 15 and 35 percent of the total decline in employment since the onset of the 2001 recession. What will it likely do to lawyers' wages? How doe..

  What is the expected return for this investment

A firm is considering a capital investment. The risk premium is 0.04, and it is considered to be constant through time. Riskless investments may now be purchased to yield 0.06 (6%). If the project’s beta (?) is 1.5, what is the expected return for th..

  Why the market system has failed

Crew Brew of Wisconsin plans to build a microbrewery on a small stream in that state. After sampling water from the stream, Chris Pierson has found that it is contaminated with pulp and paper waste from a local paper mill.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd