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All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying citations. All references and citations used must be in APA style. Chapter 3 1.(Evolution of the Household) Determine each of the following would increase or decrease the opportunity cost for mothers who choose not to work outside the home. Explain your answer. A. Higher levels of education for women B. Higher unemployment rates for women C. Higher average pay levels for women D. Lower demands for labor in industries that traditionally employ larger numbers 10. (Taxes Rates) Suppose taxes are related to income as follows: Income: $1,000 Taxes: $200 $2,000 $350 $3,000 $450 A. What percentage of income is paid in taxes at each level. B. Is the tax rate progressive, proportional, or regressive? C. What is the marginal tax rate on the first $1000 of income? The second $ 1,000? The third $1,000? 2. ( Substitutes and Complements) For each of the following pair of goods, determine whether the goods are substitutes, complements, or unrelated: A. Peanut butter and jelly B. Private and public transportation C. Coke and Pepsi D. Alarm clocks and automobilies E. Golf clubs and golf balls 3. (Demands Shifters) List five things that are held constant along a market demands curve, and identify the change in each that would shift that demand curve to the right- that is, that would increase demands. 4. (Supply) Why is a firm willing and able to increase the quantity supplied as the product price increase? 12. (Equilibrium) If a price is not equilibrium price, there is a tendency for it to move to its equilibrium level. Regardless of whether the price is too high or too low begin with, the adjustment process will increase the quantity of the good purchase. Explain using a demand and supply diagram. A. Complete the below B. What market pressure occurs when quantity demandeds exceeds quantity supplied? Explain. C. What market pressure occurs when quantity supplied exceeds quantity supplied? Explains D. What is the equilibrium price? E. What could change the equilibrium price? F. At each price in the first column of the table below, how much is sold? price per bushel Quantity demand bushel $1.80 320 2.00 300 2.20 270 2.40 230 2.60 200 2.80 180 Quantity Supplied (millions of bushel) 200 230 270 300 330 350 Surplus Shortage Will price Rise or Fall
Imagine knowing with certainty that interest rates will not change over the next five years. Identify how this fact would change the behavior of a business of your choice.
Explain why a firm should continue to operate in the short run so long as market price is greater the firm's average variable cost at the profit-maximizing level of output.
Describe the effect of this loss on the loanable funds market. What will happen to the demand for loanable funds? Why? What will happen to the supply of loanable funds? Why? What will happen to interest rates?
Make supply and demand diagrams for market A for each of the following. Use these diagrams to determine how each of following changes in demand or supply affect equilibrium price & equilibrium quantity.
Describe the market structure in which the selected good or service competes. Discuss the implications of the market structure on pricing.
karls preferences over hamburger h and beer b are described by the utility function uhbmin2h3b. his monthly income is m
At each level of output compute savings. At each level of output, compute unplanned investment (inventory change). What is likely to happen to aggregate output if the economy were manufacturing at each of the levels indicated?
You are working for an unemployment agency which distributes unemployment checks to unemployed workers in your state.
1. a is a group of potential customers with similar needs who are willing to exchange something of value with sellers
Illustrate what are two reasons economists support free trade. Can you list what three of those assumptions likely.
What is the profit maximizing output level for the typical firm? (Hint: Calculate MC for each change in output, then find the equilibrium price, and calculate MR for each change in output)
Has a deadweight loss been created? Why? Does the price ceiling cause economic inefficiency?
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