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Explain what happens to the elasticity of demand for labor in a given industry after which of the following events:
A) A new manufacturing technique makes capital easier to substitute for labor.
B) There is an increase in the number of substitutes for the final product that labor produces.
C) After a drop in the prices of capital inputs, labor accounts for a larger potion of a firm's factor costs.
The inverse demand curve for widgets is P = 130−2Q. There are two firms, A and B, who produce widgets. Each firm has a constant marginal and average cost of producing the good that equals 10. Find the best-response function of each firm. Remember tha..
Suppose that the demand curve for wheat is q = 100 - 10p and the supply curve is q = 10p. the government imposes a price support at p = 6 using a deficiency payment program. What is the quantity supplied, the price that clears the market, and the def..
ABC Company acquired some land (independently appraised at $12,000) and paid for it by issuing 1,000 shares of its common stock (par $10 per share; no market price was quoted). How should this transaction be reported on the Statement of Cash Flows (S..
A multi concept restaurant incorporates two or more restaurants, typically chains, under one roof. What do these numbers imply for decision of when to open a shared facility versus two separate facilities.
Sarah bakery makes 1000 items a day. Each day Sarah contributes 8 hours to produce those items. If hired, elsewhere Sarah could have earned $250 an hour. The item sells for $15 each. Production does not stop during weekends. If the explicit costs tot..
Suppose now that a second firm enters the market. Let Q1 be the output of the first firm, yours, and Q2 the output level of the second firm. Market demand is now given by Q1 + Q2 = 53 – P or inverse demand can be expressed as P = 53 – Q1 – Q2. Calcul..
How do you choose between log-linear model and log-log model? How about linear log-linear? And how about linear-log and log-log? Why? How do you interpret coefficients of a A) log-linear B) log-log and C) linear-log model?
Kermit is considering purchasing a new computer system. The purchase price is $130,725. Kermit will borrow one-fourth of the purchase price from a bank at 10 percent per year compounded annually. The loan is to be repaid using equal annual payments o..
If the CPI was 110 last year and is 121 this year, what is this year’s rate of inflation? In contrast, suppose that the CPI was 110 last year and 108 this year. What is this year’s rate of inflation? What term do economics use to describe this second..
When private property rights are established, the expected payoffs from investment will _________ and the amount of production will _________.
Describe the point at which diminishing returns occur. Indicate the points that delineate the three stages of production.
Many individuals commit crime under conditions of temporary diminished rationality by discounting severely future consequences of criminal behavior (see chapter 12, Cooter and Ulen's textbook). Explain why policies that aim to increase the likelihood..
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