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Equalizing Teacher Salaries. Consider a school that can hire two types of teachers, average and high quality. The vertical intercept of the supply curve for average teachers is $50, and the slope is $1 per average teacher. The vertical intercept of the supply curve for highquality teachers is $120, and the slope is $1 per highquality teacher. (Related to Application 2 on page 710.)
a. Initially, the wage for average teachers is $100 and the wage for high-quality teachers is $160. Draw the supply curves and compute the number of average and high-quality teachers.
b. Suppose that unionization levels-up the wage to $130: Both types of teachers earn a wage of $130. Use your supply curves to compute the number of average and high-quality teachers. How has the composition of the workforce changed?
c. Where have the high-quality teachers gone?
Use this book only: Fred S. Kleiner's Gardner's Art Through the Ages: A Western Perspective, Volume II (14 th edition)
A. Calculate the equilibrium price and equilibrium quantity of rice for 2009. B. Calculate the elasticity of demand and elasticity of supply; what do you conclude from these answers whether these are elastic or inelastic.
The purchase price for the diesel is $97,995, the engine size is 300 hp, the average speed is 21.4, the fuel consumption is 17 gallons per hour and fuel capacity is 300 gallons. Insurance premiums are $500 more per year for gasoline powered boats.
Expenditure Approach to GDP Given the following annual information about a hypothetical country, answer questions a-d. Billions of dalloars Personal consumption expenditures $200 Personal taxes $50 Exports $30Depreciation $10 Government purchases $50
Determine the quantity demanded,the quantity supplied, and the magnitude of the shortage if a pride ceiling of $30 is imposed in this market. Also, determine the full economic price paid by consumers. What are the equilibrium quantity and price in ..
Be certain to explain carefully why the policies are significant from your perspective. Briefly offer evidence as to their success.two specific government policies (pertaining to each of the two resource categories) that impressed you as significan..
What is Century's final payment on May 6? Assume no taxes.
How would your policy have affected interest rates and real output during the period in question? What would be the benefit of your policies?
Your answer should demonstrate that the prices that are used to calculate real GDP do affect the calculated growth rate, but typically not by very much.
consider a perfectly competitive market with 10 firms firm 1 firm 2...firm 10. firm 1 through firm 9 have the same cost
Draw a complete graph showing Petrov s initial (before the gas tax) budget line and his initial choice. At his initial choice, the marginal utility per dollar on gasoline is utils.
fred has accepted a new job and the new company will match his contribution to a retirement fund. for every dollar
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