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Question: 1. Discuss the implications of equilibrium for a competitive economy containing many regional markets when labor and firms are free to enter and exit the various markets. Why is the resulting allocation of labor efficient?
2. Describe the impact of a payroll tax on wages and employment in a competitive industry. Why is part of the tax shifted to workers?
Should "marginally extend[ing] the lives of the very sick" be an important goal of a health care system? What other goals should have a higher priority? (Note: This question is basically a normative one without a definitive correct or incorrect an..
Derive the expressions for steady-state capital K and steady-state output Y - What is the impact of it on steady-state capital K* and steady-state output Y*? Show algebraically.
What is the opportunity cost of producing one more cake if Joe is currently producing at combination A? What is the opportunity cost of producing one more cake if Joe is currently producing at combination B
Calculate income elasticity of demand for manufacturer at the same point as identified in question 2. Is the product an inferior good, a normal good, or a luxury
The profit-maximizing principle of marginal analysis says that firms maximize profits by choosing output such that: marginal benefit (or revenue) is greater than or equal to marginal cost. total benefit (or revenue) equals total cost.
In a diagram, draw the indifference curves associated with utility levels of 12 and 24 (measure clothing along the horizontal axis).
Discuss Hjalager's definition of globalization with reference to an example from leisure or tourism. Apply and explain Hjalager's four-stage model to an example from leisure or tourism.
For each of the following 10 items, assess the 0.05 and 0.95 fractiles based only on your current knowledge. That is, choose upper and lower estimates.
Assume that all consumers have identical demand curves for local telephone service, and the producer of such service is a monopoly. Compare price, output, profit and consumer surplus when (a) the monopoly set a uniform price fir the product. (b) t..
Consumers can make costly mistakes when not enough information is available. Which of the following represents a market solution to obtaining costly information?
Crew Brew produces a popular brand of beer in its mini-brewery located on a small river in Kentucky. Assume that capital can be purchased for $8 per unit, and labor costs $6 per unit. What is the optimal combination of inputs for the firm to employ..
Describe what the benefit would be of each initiative. Explain what role would Xerox have to play in each initiative.
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