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The following figure illustrates the market for apple pickers.
a. What is the wage rate paid to apple pickers?
b. How many apple pickers have been hired?
c. If the demand for apples increases, resulting in 100 more apple pickers per day being hired, what would be the new wage rate paid to pickers?
In the past, 20% of applicants for admission into a master's program had GRE scores above 650. Of the 88 students applying to be admitted into the program in 1981, 22 had GRE scores above 650. Do the 1981 applicants have greater GRE scores than pr..
Transportation costs per 1000 units 800 1,100 950 Which location would minimize the total costs, given an annual production of 50,000 unit for what levels of manufacture and distribution would each ..
Assume we observe the following: Qt = 5; pc = 2; pt = 2. If the price of textbooks doubles, by how much does the income have to increase to keep the textbook consumption constant What happens to chocolate consumption Explain.
What are the important shortcomings of the real business cycle model?
In the context of this neoclassical growth model, can a country have too much saving?
Consider a club where the utility function (incorporating the charge) of a member is U = a + bn -cn2. Find the optimal membership of the club. What is the membership level that maximizes the total utility of the club? Contrast the two levels and e..
Suppose the productivity of capital and labor are as shown in the table is the input of these resources. They sell in a purely competitive market for $1.00 per unit. Both capital and labor are hired under purley competitive conditions.
Let ρ2 represent the true population coefficient of correlation. Suppose you want to test the hypothesis that ρ2 = 0. Verbally explain how you would test this hypothesis.
At the end of the first year's football season, the alumni demandedthat the coach be fired. The alumni agreed to buy hisremaining years on the contract by paying him the equivalentpresent sum, computed using a 12% interest rate.
Which of these is closest to the winning price?
A company is now licensed to manufacture a patented tool on which the patent has only 7 more years to run. The company makes 7500 copies of the tool each year and pays the inventor $100 per year plus $0.05 per tool produced.
Suppose there are 1,000 small farms in this industry. What will be the output per farm How much revenue will each farm earn If in fact the revenues are sufficiently high to yield handsome profits, how might competition change the happy situation
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