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After a boat rescues everyone else from Gilligan's Island, the Professor and Gilligan remain behind, afraid of getting shipwrecked again with the same bunch of people. The Professor grows coconuts and catches fish. Last year he harvested 1000 coconuts and caught 500 fish. He vaules ,one fish, as worth two coconuts. The Professor gave 200 coconuts to Gilligan in exchange for help in the harvest, and he gave Gilligan 100 fish in exchange for collecting worms for use in fishing. The Professor stored 100 of his coconuts in his hut for consumption at some future time. Gilligan consumed all his coconuts and fish.
In terms of fish, what is the GDP of Gilligan's Island? What are consumption and investment? What are the incomes of the Professor and Gilligan?
Sean’s utility of wealth function is U(w) = 15. Sean owns and operates a farm. He is concerned that a flood may wipe out his crops. If there is no flood, Sam's wealth is $360,000. The probability of a flood is 1/15. If a flood does occur, Sam's wealt..
Labor turnover during periods of economic expansion is largely the result of: Full income. If leisure is a normal good, an increase in nonlabor income will cause the quantity of labor supplied to:
In terms of the consumer theory set forth in this chapter, can you explain the meaning of the following statements? a. "I think you get more for your money from Nike than from Reebok." b. "I wanted to buy a Boxster rather than a Malibu, but it just w..
What will be the DIFFERENCE in the effects on the national well-being if, instead of imposing a tariff of $50 per unit, the government provides a subsidy of $50 per unit to the domestic manufacturers of mopeds?
Suppose that the GDP of California increases by 14% each year. How long will it take for the GDP of California to double? Suppose that the GDP of Oregon today is exactly twice what it was 37 years ago. What was the average annual growth for Oregon ov..
Minimum wage legislation requires most firms to pay workers no less than the legislated minimum wage per hor. Using marginal productivity theory, explain how a change in the minim wage affects the employment of unskilled workers.
A currency dealer has good credit and can borrow either $1,000,000 or €800,000 a year. The one year inflation rate in the US is π$=2.5% and in the euro zone the one year inflation rate is π€=5.5%, the one year forward exchange rate is $1.20=€1.00, wh..
During a year of operation, a firm collects $175,000 in revenue and spends $80,000 on raw materials, labor expense, utilities, and rent. The owners of the firm have provided $500,000 of their own money to the firm instead of investing the money and e..
What does the production possibilities curve represent? discuss the implications. what are the factors of productions? What is the difference between the current account and the capital account, what is included in each calculation? are these account..
Why is the cost of health care so high in the U.S. and the U.S. does not have the best system. If a person has co-pay health insurance what does he/she base his/her purchase decision on, the real price or what actually comes from his/her pocket? How ..
Elucidate how would a gradual increase in the percentage of fathers who stay home to care for young children while their wives continue working ultimately alter the male-female wage gap.
The loss to consumers can be decomposed into three pieces: a transfer to domestic producers, a transfer to the government, and a deadweight loss. Use your diagram to identify these three pieces.
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