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An increase in the market price of men's haircuts, from $15per haircut to $25 per haircut, initially causes a local barbershop to have its employees work over time to increase the number of daily haircuts provided from 35 to 45. When the $25 market price remains unchanged for several weeks and all other things remain equals well, the barbershop hires additional employees and provides 65 haircuts per day. What is the short-run price elasticity supply? What is the long-run price elasticity of supply?
The costs of expected inflation cause productive resources of an economy to be directed away from their efficient allocation. Explain how each of the following costs of expected inflation distrot the allocation of productive resources:
Illustrate by showing the price of a U.S. cell phone in Britain before and after the change in the exchange rate. If you had a business exporting goods to Britain, and U.S. interest rates fell as they have in this example, would you plan to ex..
Which of the following is an example of a Federal Reserve operating target?
Suppose Mary’s utility function for two goods X and Y is given by: U(X,Y) = 2X1/2Y1/2. Suppose consumption bundle A consists of 10 units of X and 10 units of Y, and consumption bundle B consists of 20 units of X and 5 units of Y. Consumption bundle A..
The government wants to eliminate the inflationary gap by changing expenditures. What policy do you suggest? By how much will unemployment change after you policy has taken effect?
A person who paid $10 for an umbrella in the U.S. sees the exact same umbrella in a store in London, England for 6 British pounds. If the person could expect the real exchange rate to be 1 U.S. umbrella per 1 English umbrella, then the person could i..
Explain the unemployment rate in Tappania is higher now than is has been in 50 years. Can both of those statements be true at the same time.
The government of Mass. decides to impose a tax of $0.75 per gallon on gasoline suppliers in order to fund highway maintenance. Calculate how much revenue is collected by Mass. government? Who bears the greater burden of this tax, consumers or produc..
Workers make the supply decisions in labor markets, but firms (represented by hiring managers) make the demand decisions. Will firms want to hire more workers or fewer workers when the wage rate rises? What are some techniques employers can use to ..
Political scientist Garry Wills stated if leader is just an expediter of what other people wish, a resource for their use, the people are not being led but serviced.
Many universities allocate financial aid to undergraduate students on the basis of some measure of need. does this price reflect pure charity or price discrimination? if it reflects price discrimination do you think it lies closer to first degree dis..
How does the adverse selection problem arise in the credit card market? How do credit card companies reduce the adverse selection problem that they face? To what complaint does this give rise?
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