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Problem Statement: This problem set tells the story of three friends Mary, Jack, who are consumers, and Jess, who owns a firm. Mary, and Jack have preferences over two goods, Dumplings and Free time. Each of them have Ti available hours each day with i = A; B. Jess's firm produces dumplings using two inputs, Labour and Kapital with respective prices w and r: Denote the market price of dumplings as p:
Question: Assuming p = 3 and that w can take any value, what is the total labour supply in the region Mary and Jack live? What is Jess's labour demand? Use the two to find the expression determining the equilibrium wage in the local labour market (do not solve this expression as it would be too complicated). Use all the above and your economic reasoning to, without doing any further calculation, discuss how an increase in the price of capital r will affect the welfare of these three friends.
What is the difference between a partial equilibrium analysis and a general equilibrium analysis? When analyzing the determination of prices in a market, under what circumstances would a general equilibrium analysis be more appropriate than a part..
Suppose honey is produced in beehive using bees and sugar. Each honey producer uses one beehive which she rents for $1/month. Producing q gallons of honey requires spending q dollars on bees and q^2 on sugar.What is the Total cost of producing q un..
Alvin wants tostart college and have $12,000 available to buy a used car when he graduates in 4 years. Alvin wants to buy a new computer, software, and peripherals now, and he earns nominal interest rate 3% compounded yearly.
When the shops nearby start to advertise their jackets, this Tommy Hilfiger shop spends $2,000 a day advertising its jackets, and its profit-maximizing output jumps to 50 jackets a day.
(Rationale for Rules) Some economists call for predetermined rules to guide the actions of government policy makers. What are two rationales that have been given for such rules?
Calculate the price elasticity of demand for gasoline implied by what most studies have found.
When might it be a bad idea to use the PPP theory in this way?
determine how much money would be in a savings account that started with a deposit of $2000 in year 1 with each succeeding amount increasing by 15% per year. use an interest rate of 10% per year and a 7-year time period.
Cinema Theater has estimated the following demand functions for its movies: Daytime demand, QD = 400 - 50 PD Nighttime demand, QN = 200 - 20 PN The marginal cost of serving another customer is $5 and its fixed costs are $100.
How does the availability of substitutes affect the price elasticity of demand
One unit of object is going to be sold via auction. There are two bidders, A and B. Their willingness to pay are known to be either of 10,20,30,40,50 and bids are also restricted to those values.
Assume that securitization combined with borrowing and irrational exuberance in Hyperville have driven up the value of existing financial securities at a geometric rate, specifically from $2 to $4 to $8 to $16 to $32 to $64 over a six-year time pe..
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