Can you please help with step-by-step instruction + answer for below? Thank you! QUESTION ! ( 26 marks )HOOHaHa Bar , a popular beer spot in the NUS vicinity , caters to two groups of NU’S customers – MBAstudents and professors – whose preferences for beer are as follows :"10P = 10 – Q for an NUTS MBA student*P = 9 – 20 for an […]
Technology and unemployment Suppose the economy is characterised by the following equations: Price setting: P = (1+m) (W/A) Wage setting: W = Ae Pe (1-u) where A is the unobserved and difficult to estimate technology parameter in the production function Y=AN, and Ae is its expected value. First suppose that expectations of both prices and technology are accurate. a. Solve for the natural rate of […]
Draw labor supply and demand (assume demand is downward sloping and supply upward sloping). Show the equilibrium wage and employment level. 1)Show the effect of a minimum wage set above the equilibrium wage. What happens to employment and to wages? Is the higher minimum wage a good thing or bad for workers? 2) Research has found that higher minimum wages have minimal or no effects […]
Farmer McDonald gives banjo lessons for $20 an hour. one day, he spends 10 hours planting $100 worth of seeds on his firm.What opportunity cost has he incurred? What cost would his accountant measure? If these seeds will yield $200 worth of crops, does McDonald earn an accounting profit? Does he earn economic profit?
what was the purpose of the new deal program during the great depression ? Markets are governed by the blank of blank and blank? The amount of a good blank matches the amount of a good blank is an example of market blank ? What could a supplier do when they can’t keep up with demand of a good?
1) we discussed a simple economy with three person each producing one unit of a product. In that economy, suppose payment technology is instant in the purchase of coffee, but the money transfer takes x days in the purchase of apples and 2x days in the purchase of tea where x ≥ 1. Assume price level is Po. Then, what is the nominal money demand […]
“Suppose you elasticity of demand for your parking lot spaces is -o.5, and price is $20 per day. If your MC is zero, and your capacity at 9 A.M. is 96% full over the last month, are you optimizing?” Suppose your elasticity of demand for your parking lot spaces is 0.5, and price is $20 per day. If your MC is zero, and your capacity […]
Please Answer the following two questions:1. Use the following information to answer the questions below. Assume that the capital account is equal to zero.Net unilateral transfers 150Exports of goods and services 7500Net increase in United States government’s non-reserve foreign assets -130Net increase in foreign ownership of United States based non-reserve assets 550Net increase in U.S. private assets abroad 1250Invest income received in the U.S. 510Net […]
a. Now, shift your focus on the two health care systems to economic terms. (UK and US.) 1. What resources are scarce? Response here: 2. In the UK system, who or what allocates these resources? Response here: 3. In the US system, who or what allocates these resources? 4. Classify the health care system in the UK. Is it market based or command based? Why? […]
Suppose you are a painter, and the price of a gallon of paint increases from $3.00 a gallon to $3.50 a gallon. Your usage of paint drops from 35 gallons a month to 20 gallons a month. Perform the following:1. Compute the price elasticity of demand for paint and show your calculations.2. Decide whether the demand for paint is elastic, unitary elastic, or inelastic.3. Explain […]
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