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Question
Suppose the price of sugar increases from $0.80 to $1.00 a pound and the quantity demanded decreases from 100 pounds to 95 pounds.
What is the price elasticity of demand? Is the demand elastic, inelastic or unit elastic?If the price of sugar were to increase by 20 percent, what would be the percentage change in the quantity demanded? According to your estimate, what happened to the sugar revenue after the price rose? Explain.
Suppose you have hired a new worker, unfortunately you do not know if the worker is a shirker or a hard worker. Suppose working hard raises the probability of making a sale from 40% to 80% (thus raises the probability of making a commission C by the ..
One of the most debated areas in economics is balancing the budget. The major contention is on the timing of the policy. If the government were to operate under a strict balanced-budget rule, what do you think would it have to do in a recession? Shou..
Suppose the demand curve for UK basketball tickets is perfectly elastic but the supply curve for UK basketball tickets is not perfectly elastic or perfectly inelastic. If the equilibrium price of UK basketball tickets is initially $2, a downsizing of..
Suppose that a Hydrocarbon Cracking Operation, Inc. is a monopoly and has the demand, marginal revenue, and marginal cost functions as shown in the graph below. What price and output combination will the monopoly select?
In the 1790 Thomas Malthus predicted mass starvation because he believed population would always grow faster than out ability to increase agricultural production. Explain his theory in terms of diminishing returns to labor in the short run.
Your business is expected to generate a $40,000 profit at the end of year 1, and profit will increase by 10% per year through year 10. If you can earn 5% annual interest compounded annually, what is the present value of all your profits over the next..
Suppose that members of Congress successfully eliminated the Commerce Department, and in so doing the federal government no longer collected or distributed economic data (including inflation data). What impact would this have on the short-run aggrega..
Use the AD/AS model to diagram the following events, showing what will happen in the short run and in the long run. Unless otherwise instructed, assume that each economy starts from full employment. Starting from full employment, what will happen to ..
Assume the firm is operating in a high-wage country, where capital cost is $100 per unit per day and labor cost is $80 per worker per day. For each level of output, elucidate which technology is cheapest.
Suppose that for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Draw the isoquants (on a graph with backhoe, “K”, and backhoe operators, “E”..
Recall the Application about the time involved in including cell phones in the calculation of the CPI to answer the following? question(s). According to this? Application, cell phones were introduced to the public in? 1983, but it took the Bureau of ..
If an employee is performing below standards managers need to explain what needs to be done to improve performance, and then give the employee specific tasks and timelines to do this. Often this is done with an action plan. Do a little research and t..
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