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Assume a firm is a monopsonist that can hire its first worker for $6 but must increase the wage rate. What will be the wage rate under monopsonistic conditions? What will be level of employment under
Has the U.S. economy experienced inflation or deflation during recent recessions? Explain. Can the inflation and unemployment trends during the Great Depression be explained by movement along a short-
She prices loaves of bread at $3.50 per loaf. Suppose near the end of one day Betty still has 12 loaves of bread on hand. Which of the following is correct?
Consider a monopsony employer in a labour market. Explain how a union in this labour market might simultaneously increase the wage rate, employment and led to allocative efficiency.
How much will the owner of the Jetty have to compensate Princess Cruise Lines with a rule of Strict Liability with Dual Contributory Negligence. Show your work.
What happens to each of these values if the central bank changes the reserve requirement ratio to 3%, banks still want to hold the same percentage of excess reserves, and banks don't change their ho
Assume the market supply curve is S(P) = 30P and the market demand curve is D(P) = 500 - 20P. How much are producers willing to pay in order to get their legislators to remove the price ceiling?
Forecast the index for 1998 using a three-year and a five-year moving average. Which of your estimates is better if the actual index of housing starts in the United States for 1998 is 163?
Compute the demand for money for each of the following interest rates when income is equal to $11,940, $12,000, $12,120, and $12,1280.
If markets have multiple equilibria, some may be more desirable than others, and public policy may help attain the desirable ones. Explain using the example of multiple equilibria in the labour mar
Suppose also that the price of cigarettes, the income of consumers, and the price of alcohol all increased by 10%. Calculate how much the cigarettes will change a) in the short term run b) in the lo
Threee individuals consume a public good, and their demands are expressed as:The marginal cost of providing the service is given as a constant $5.00 per unit. Determine the efficient level of output
Derive the domestic price, the quantity processed by domestic oil refiners, and the amount of imports at the competitive equilibrium. Now suppose that domestic crude oil suppliers face a price ceili
What price will the monopolistically competitive firm charge in this market? How much profit will the monopolistically competitive firm earn in this situation?
During periods of hyperinflation money does not hold its value long enough to make everyday market purchases, therefore people hold as little as possible for asshort a time as possible.
Always wanting to consume 1 unit of X for every unit of Y. Illustrate diagrammatically the set of allocations that are Pareto preferred to the initial allocation.
Forecast the index of housing stats in the United States in 1998 by exponential smoothing with w=0.3 and w=0.7. Which of these forecasts gives a better forecast for 1998? Which gives a better forecast
Forecast the index for 1998 a three-year and a five year moving average. Which of your estimates is better if the actual index of housing starts in the United States for 1998 is 163?
However elasticity value for years 2008-2009 and 2009-2010 are postive. Does it mean that demand curve becomes upward sloping during these years? If needed use graphs for the explanation of your answe
Explain whether price elasticity of demand is likely to be elastic or inelastic. Base your answer on three determinants of elasticity: Determine the approximate proportion of income spent on the Toyo
What is the impact of world oil prices increase on the demand for Toyota cars? Explain and illustrate your answer. Imagine that Toyota Company developed a new production technic which reduces costs
How has the recent natural disaster in Japan influenced the supply of Toyota automobiles? Illustrate the effect using the demand and supply model.
Calculate a four-period moving average forecast for September. Also evaluate the quality of the four-period moving average forecasting model by calculating the root-mean-square error for the data se
You are the manager of a monopolistically competitive firm, and your demand and cost functions are givrn by Q=20-2P and C(Q)=104-14Q+Q^2. What long-run adjustments should you expect? Explain?
Given these observations, is the pizza industry most likely a monopoly, perfectly competitive, monopolistically competitive, or an oligopoly industry?