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Haircuts in Mulletville. The town of Mulletville has a single hairstylist. The marginal cost of a haircut is the same for men and women ($10). The quantity of haircuts is 100 for men and 100 for women. The profit-maximizing price for women is $35, compared to $15 for men.
a. What explains the price difference?
b. Illustrate with a complete graph.
Suppose that David has $1000. In the beginning of a year he decided to put his money in a saving account with 5% interest rate per year. The CPI was 150 in the beginning of that year. He expected that the CPI would be 153 in the beginning of the n..
How many more pizzas per hour can they make if they work together and allocate tasks efficiently than they made when they worked separately?
suppose the dollar interest rate and the pound sterling interest rate are the same 5 percent per year. what is the
Determine the long-run effects of this on the quantity of capital per worker and output per worker?(b) In the short run, does aggregate output grow at a rate higher or lower than the growth rate of the labor force?(c) After World War II, growth in r..
A monopoly is considering selling several units of a homogenous product as a single package. A typical consumer's demand for the product is Q^d = 50 - 0.25P, and the marginal cost of production is $120. Determine the optimal number of units to put ..
On amazon.com, 45 percent of customers pay by American Express credit card. Suppose we have a sample of 5 customers, what is the probability that at least 4 will pay by American Express
Household spending is given by the following equation: C = $100 + 0.70Yd and Intended Investment = $125. (a) Calculate the equilibrium level of income in the economy, and explain why this is the case. (b) If the current level of income is $500 calcul..
You have given the following data about the amount your firm can manufacture per day given the number of workers it hires.
A corporation has 15,000 employees. Sixty-two percent of the employees are male. Twenty-three percent of the employees earn more than $30,000 a year. Eighteen percent of the employees are male and earn more than $30,000 a year.
If money supply increases by 5%, what will be the impact on price level if the output increases by 2% and the interest rate remains constant?
Mary's credit card situation is out of control because she cannot afford to make her monthly payments. She has three credit cards with the following• 1 loan balances and APRs: Card 1, $4,500, 21%; Card 2, $5,700, 24%
suppose that the cost of raw material used in the production of this good increases (assume nothing else has changed). Draw a diagram comparing the effect of the increase in the cost of materials in this market with the equilibrium
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