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Illustrate on a diagram the supply and demand functions for each type of labour, and the equilibrium for each type of worker.
Illustrate the long run and short run on the same diagram. What is the numerical value of the premium in the long run after the increase in demand?
Suppose that instead of a monopolist in the previous question the market was perfectly competitive. How much output would be produced and sold?
Draw Canada's consumption possibility frontier on the assumption that it can trade with the United States at the United States rate of transformation.
Illustrate the market equilibrium on a diagram, and compute the amounts supplied by domestic and foreign suppliers.
Illustrate by how much the intercept on the gasoline axis changes in response to a doubling of the price of gasoline.
Draw the budget line to scale, with cappuccinos on the vertical axis, and compute its slope. If the price of cappuccinos rises to $4, compute the new slope.
How much per unit is the supplier paid? Compute the producer and consumer surpluses after the imposition of the tax and also the DWL.
What is the market solution to this supply and demand problem? What is the socially optimal number of vaccinations?
How many units of pollution rights would be purchased and by the two participants in this market?
If these two firms can freely trade the right to pollute, how many units will they (profitably) trade?
Draw the MD and market-level MA curves and establish the efficient level of pollution for this economy.
Compute the equilibrium wage (price) and quantity of labour employed. Compute the supplier surplus at this equilibrium.
Illustrate and compute the market equilibrium. Calculate the socially optimal number of shirts to be cleaned.
Evan rides his mountain bike down Whistler each summer weekend. How many kilometres will he ride each weekend?
Analyze the quality of the Dow DuPont Company existing products or services.
Compute the output that can be produced in this firm using 1 through 9 units of labour. Draw the resulting T P curve to scale, relating output to labour.
Then plot the graph of the function and determine if it displays increasing, constant or decreasing marginal utility.
How much should he save every (good) time period in order to have the maximum average or expected utility over time?
Plot the following three utility functions that relate utility U to wealth W, for values of wealth in the range 1. . . 50.
In which of the following are risks being pooled, and in which would risks likely be spread by insurance companies?
Draw in the resulting equilibria or tangencies and join up all of these points. You have just constructed a price-consumption curve for good X.
Join all of these points. You have just constructed what is called an income-consumption curve. Can you understand why it is called an income-consumption curve?
Compute the MRS where X increases from 3 to 4, and again where it increases from 15 to 16.
What are the prices of wine and cheese? Draw the new budget constraint and mark the intercepts.