(e) (8 points) Go back to the baseline wage of $100. Suppose Sam increases the days to health production to TH1=70 and is able to lower the sick days to TL1=10 days. Show how his equilibrium level of income and leisure-work choice would change. Graph your result labeling as many points as you can. Is Sam better off or worse off, explain. EXPERT IN MLA, […]
Hi, could you pleases answer this true or false question with an explanation of why it is either true or false and please use a consumer theory diagram A2-6. A rational consumer cannot be indifferent between the {x, y} consumption bundles {2, 8} and {3, 4} and alsothe bundles {2, 8} and {4, 5}. [Hint Use a consumer theory diagram to illustrate your answer.]
Airline A and Airline B are the two largest airlines in the country. The chief executive officer of Airline A calls the chief executive officer of Airline B and says, “Why don’t we both raise prices 25% across the board next week?” This is an example of: spirited competition. attempted collusive behavior. predatory pricing. a corporate merger. a tying arrangement.
There are 4 factors that influence the price elasticity of demand:The availability of substitutesThe specific nature of the goodThe part of income spent on the goodThe time consumers have to buy the good In a 2–4 paragraph Discussion Board post, discuss the following:Choose a product you have purchased in the past month from a clothing or shoe store.Describe how each of the 4 factors contributed […]
Real and nominal GDP 2010 2011 2012 P Q P Q P Q good A $30 900 $31 1,000 $36 1,050 good B $100 192 $102 200 $100 205 Compute nominal GDP in each year. Compute real GDP in each year using 2010 as the base year.
The GMC company is considering building a new car factory in China. The total (Öxed) cost of the investment is F = 4. When built, the factory will allow to produce y cars at the (variable) cost given byc(y) = 4y2 (4y squared)1a) Does the technology used in the new factory exhibit increasing, decreasing or constant returns to scale (ignore the fixed costs at this […]
1) Bowen is a manufacturer of golf carts in Minneapolis servicing Minnesota and several nearby states. Over the past several years, a number of other golf cart companies have established operations in Bowen’s market area, putting severe pressure on prices. Accordingly, Bowen is contemplating construction of a new production facility capable of producing up to 4000 golf carts/year. Engineering cost estimates for the new production […]
The town of Wiknam has 5 residents whose only activity is producing and consuming fish. They produce fish in two ways. Each person who works on a fish farm raises 2 fish per day. Each person who goes fishing in the town lake catches X fish per day. X depends on N, the number of residents fishing in the lake. In particular, X = 6 […]
The marginal revenue is equal to the market prevailing price). The prevailing market price of lawn mowing is $20 per acre. Although John can use the family mower for free, he has other costs given by: T C = 0.1Q2 + 10Q + 50 (1) where Q is the number of acres John chooses to mow in a week. (a) How many acres should John […]
Respond to each classmate 100 words a piece In the game of prisoner’s dilemma, if both the players, Jesse and Frank stay quiet, they would get the lowest punishment. However, looking at each individual it changes things, it isn’t the least punishment. If Jesse plays “Confess,†Frank chooses “Confess†(because −5 is better than −10), and if Jesse plays “Stay Mum,†Frank chooses “Stay Mum.†[…]
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