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Since a firm that is a perfect competitor in both the labor market and the final product market has hired the optimal amount of labor where the value of marginal product equals the wage, if the price of the product the firm sells doubles, will the wage paid by the firm double? Why?
The annual income from a rented home is $24,000. The annual expenses are $6000. If the house can be sold for $245,000 at the end of 10 years, how much could you afford to pay for it now, if you considered 9% to be a suitable rate?
Illustrate what is the practical significance of income elasticity coefficients. Explain the significance using as examples an income elasticity.
We would like to estimate the need for physicians in a country. What approach would you follow to estimate the need? Briefly describe the method you are proposing (describe one method only) and discuss some potential limitations of the approach.
Monetarists argue that:
If a company's accounts payable is $42,041, retained earnings are $412,474, long-term debt is $391,227 and your accrued expenses are $5,966, what are the total current liabilities?
A consumer has preferences u(x) = 2x 1 2 1 + x2. The price of good 1 is p1 > 0 and the price of good 2 is 1. You may restrict your attention to interior solutions throughout. Explain whether these preferences are i) monotonic, ii) quasilinear, iii) e..
q.you possess the following information about ipath. the price elasticity of demand for ipath is -2.5 the cross price
Developing countries often claim that growth and trade have left them no better off or perhaps worse off. How might you explain this result theoretically? Could this result obtain if the countries tended to be relatively small? Why or why not?
Total industry sales are $105 million. Top four firms account for sales of $10 million, 9 million, 8 million and $5 million, respectively. What are four firm concentration ratios.
What is included in the true marginal cost of public spending from an economic perspective? Briefly explain why government spending typically grows faster than economic output.
For “standard” goods, the consumption of a good today has no effect on future consumption. But the authors suggest that this is not true of all goods. Briefly explain the distinction between a “lagged-demand” and a “network” good. If the widgets are ..
If you have a perfectly competitive industry of 100 firms with a monthly demand curve of Q=1000-P and TC=Qi^2+100Q+100, a subsidy of $36/month, a long-run equilibrium (before subsidy) of P=140, Q=860 (each firm produces 5 units) and a long run equili..
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