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Suppose that wages per week in country A (a poor country) which consists of 4 people are $1, $8, $25 and $40, while in country B (a rich country), which also has 4 people, the wages are $120, $500, $1200 and $3500.
Question: In which country is the standard deviation of log of wages higher (log refers to the natural logarithm)?
Suppose that the supply curve in question 1 above product is given by P=12+(2/3)Q where P is in thousands of dollars per auto and quantity is in millions of cars per year. What other things are held constant when one moves along a supply curve?
For the closed-economy, one-period model, suppose that and where determine consumption, employment, output, leisure, and the real wage in a competitive equilibrium, and explain your solutions.
Define real and nominal GDP. Which form of GDP (real or nominal) do you believe should be utilized when assessing the performance of the US economy over time? Why?
Erika and Kitty, who are twins, just received $20,000 each for their 27th birthdays. They both have aspirations to become millionaires. Each plans to make a $5,000 annual contribution to her "early retirement fund" on her birthday, beginning a year f..
Consider the quadratic utility function U(x) = x 2 . (a) (1 points) Sketch the shape of this function in a figure analogous to Figure 4.1. (b) (1 point) Does this function exhibit increasing or decreasing marginal utility? (c) (1 point) Is this shape..
Disneyland has two possibilities for pricing rides at its theme parks: (1) Set MR = MC for each ride and charge the maximum price consumers will bear. (2) Charge an admission fee to the theme park but allow unlimited rides for free. Using graphs, sho..
The economic approach to value suggests that the overall value that is created through the production and sale of any good is roughly equal to the sum of the consumer surplus and the producer surplus associated with the good. In this context, with th..
If a supply curve for a product became less price elastic, if a subsidy were introduced for that product would the deadweight loss increase of decrease and why?
Find the equal annual payment series that would be equivalent to the following increasing series of payments if the interest rate is 12%.
A corporation just issued a 10 year, zero coupon bonds having a YTM of 10%. Under current tax law, how much interest can the corporation deduct in the first year?
George bought a car for $26,500. He made a down-payment of $4,500 and financed the rest on a 5-year term with a monthly payment of $575. What is the interest rate per month for the loan? What is the nominal interest per year? What is the effective in..
The fixed cost of running a private practice is $36,000 per year. The variable cost of providing consultation services from this private practice increase by $30 per consultation for any level of production up to 3000 units. The average and marginal ..
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