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Consider an individual who must drive to his place of work. Assume that there are 16 available hours in the day, that his wage rate is $20 per hour, and that he has non-labour income of $100 per day. The commute takes one hour each way, and it costs $40 in expenses for the round trip.
What is the reservation wage?
Explain what happens in the marketplace when the federal government, in response to lobbying by (small) farmers, places a floor price under a bushel of corn that is greater than the market equilibrium price;
You are the owner of a family-owned restaurant. You do not pay yourself a salary or an hourly wage. How and why does this practice affect the economic cost of serving your patrons?
At the current price level, producers supply $375 billion of final goods and services while consumers purchase $355 billion of final goods and services. The price level is: A) above equilibrium B) At equilibrium C) Below Equilibrium D) More informati..
Now knowing what GDP is, do you think some illegal activities should be made legal for monetary purposes?
q1. external and internal equilibria are often contradictory goals and the policy-maker is forced to choose between one
Include a brief biography that emphasizes the experiences, and ideas, that shaped that individual's specific contribution.
Suppose a country wants to increase its savings rate from 20% to 40% in order to at least double its growth rate of total income. If the Harrod-Domer model is valid, is it going to succeed? Why or why not? Does the Harrod-Domer model imply convergenc..
Suppose there are two types of customers for a cell phone service: undergraduates (U) and grad Students (G). The aggregate (inverse) demand curve for undergraduates is PU = 100 − 0.25QU and the aggregate (inverse) demand curve for the graduate studen..
HomeGrown is a small restaurant that specializes in serving local fruits, vegetables and meats. The company has chosen to enter into a long-term relationship with Family Farms, a local farming operation. The two parties have decided to enter into a l..
Which of the following correctlSuppose you have a negotiation situation between Management and Labor concerning Labor wages. Management and Labor do well when they each do the opposite of what the other does i.e. the best situations for both are: (i)..
Suppose that each unit of product A requires 4 workers and 1 unit of capital to produce, whereas each unit of product B requires 5 units of capital and 2 workers and that it is the case irrespective of prices (no factor substitution). What does this ..
You are a very powerful lobbyist and have convinced your client that you can make them the only legal extractor of coal in the United States and simultaneously make coal imports illegal. What is the equilibrium price and quantity in a free market? On..
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