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The production function is Y = 10N. Households utility function is ln(c)+ 2ln(l). Denote the wage rate by w and assume total time endowment of household is 1. Find the firm's labor demand and supply
Write an expression for the firm's profits as a function of ticket price and expenditure on players. Find the ticket price that maximizes revenue.
Suppose that droughts in Californa substantially reduce food production in the U.S. Use th aggregate demand-aggregate supply model to illustrate graphically the short-run and the long-run impact of
Suppose you want to infer expected future exchange rates in a less-developed country that has free-market-determined interest rates but does not have a forward exchange market. Is there any other w
List five variables (and the direction of their change) that would shift the saving curve to the left. List three variables (and the direction of their change) that would shift the investment curve
Which of the following is NOT an assumption of marginal utility theory?
Draw a diagram of consumption and work hours( work hours not leisure hours) Put consumption on the y axis and hours worked on he x axis.
Explain price elasticity, income elasticity and cross elasticity of demand. Assess the relevance of price elasticity of demand, income elasticity of demand and cross elasticity of demand to a magazin
On scratch paper, sketch a basic supply and demand graph for the gasoline market (no actual numbers are needed). Would you expect this change to cause the equilibrium price in the market to increase
Discuss the political economy of euro. What are the likely economic effects of the euro? What are its likely political effects? How is the euro supposed to solve the EU's political problems? Explai
Compare and contrast the three different types of debt problem that were discussed in this chapter in terms of (a) the source of the debt, (b) the major actors in each situation and their interests
Suppose the marginal propensity to consume is 0.8, the marginal tax rate is 0.25, and the marginal propensity to import is 0.1. If the president wants to increase income by 500, his advisers would
Define the purpose and function of money. Explain how the central bank manages a nation's monetary system. Outline the stated direction of recent monetary policy in the United States.
How do economists distinguish between the absolute and relative sizes of the public debt? Why is the disctiction important? How does an internally held public debt differ from an externally held pub
What is the market value of computer engineering? Do people get hired a lot or no?
What is the relationship between marginal and average costs? Give an example to support your conclusion. Not looking for math here but how they relate to each other!
Electric utility companies usually operate their most modern and efficient equipment continuously (i.e., around the clock) and use their older and less efficient equipment only to meet periods of p
What is happening to the US real exchange rate in each of the following situations? Explain.
When products A and B are produced in fixed proportions, profits will be maximized when marginal cost:
Which of the following arguments is the president using to justify the trade restriction on ball bearings?
What would the peso/dollar exchange rate be if purchasing power parity holds? If a monetary expansion caused all prices in Mexico to double, so that soda rose to 24pesos, what would happen to the pe
Market demand has recently decreased and market supply has recently increased. As the manager of the facility, what decisions should you make regarding production levels and pricing for your facili
In an diagram equal increases in government spending and in lump-sum taxes will: