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The background is Specific Factor Model. Suppose that land is specific to agriculture, capital is specific to manufacturing, and labor is mobile between sectors. If there is an increase in the amount of capital, holding the prices of agricultural and manufacturing goods constant, what happens to the equilibrium nominal wage rate and labor allocation? What happens to the rental rate of capital? What happens to the rental rate of land?
You are using a topographic map to do field work in mountainous terrain. You need to hike over that ridge to get to the field area that you are interested in. The trail to the place you want to be is about 1.5 inch on the map, which has a scale of..
Explain a situation in which the outcomes of classroom experiments deviated from standard economics theory. What insights were learned from these outcomes and how are they incorporated into the standard theory they attempt to model?
Which of the following best describes the opportunity cost of one year of college?
Illustrate which of the three cases, if any, do you think that demand has increased more rapidly than supply. Explain your reasoning.
56.a californian college student consumes internet services i and books b. her preferences are represented by a
Suppose you are the manager of a restaurant that serves an average of 400 meals per day at an average price per meal of $20. On the basis of a survey, you have determined that reducing the price of an average meal to $18 would increase the quantity d..
The Big Short by Michael Lewis, Boomerang by Michael Lewis, Nickel and Dimed by Barbara Ehrenreich, The Great Crash of 1929 by John Kenneth Galbraith.
Mary consumes two goods, Diet Coke (X) and Cheeseburgers (Y). Mary’s Utility function is represented by U(X,Y) = 3XY2 . Her marginal utility function for X is MUx = 3Y2 . Her marginal utility function for MUy = 6XY.Write an expression for Mary’s budg..
The story of entitlements such as health care and welfare payments to the elderly in the US is pretty ----. This is partly because these payments form---part of the government budget and they are----
The citizens of Springfield love donuts. Due to health concerns, the city has decided to make citizens responsible for paying a per donut tax of 50 cents. a) On the graph, please shift the appropriate curve to illustrate the effect of the tax.
Here are some hypothetical numbers used to illustrate the ideas of trade-offs, specialization, and comparative advantage. Assume Sri Lanka, using all her resources efficiently, can produce either 1,000 bags of rice OR 3,000 bags of tea. Let's also as..
What are the advantages of using paper money rather than potatoes? What is MI? How large is the latest measure of MI? How much has the money supply increase or decreased over the last year.
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