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In the winter, which is the peak season for winter coats, the price of winter coats is typically higher than it is in the summer. In the case of strawberries, however, the reverse is true: The price of strawberries is lower in the peak season than it is in the winter season.
Provide THREE reasons to explain this seeming contradiction.
Provide THREE reasons to explain this seeming contradiction.
Suppose Florence has been offered a new assignment at work which comes with a $400 increase in her weekly wage. The catch is that the assignment would require her to work a bit longer so that she would need to pay for extended care for her child in the amount of $300 per week.
Further, suppose that Florence's federal marginal tax rate is 22%. She lives in Florida so she does not have to pay any state income tax. But she would also need to pay 6.2% Social Security tax and 1.45% Medicare tax on those additional earnings.
Use at least 3 decimal points in your answer and all intermediate calculations.
Given this information:
Florence's overall marginal tax rate (the sum of the above tax rates) is:___
If she accepts this new assignment she would have to pay: ___ in taxes on her additional weekly earnings.
Then her take-home after-tax additional weakly earnings would be:____.
From a purely financial standpoint, should she accept the new work assignment? Yes or No?
Further, suppose that Florence's federal marginal tax rate is 22%. She lives in Florida so she does not have to pay any state income tax. But she would also need to pay 6.2% Social Security tax and 1.45% Medicare tax on those additional earnings.
Use at least 3 decimal points in your answer and all intermediate calculations.
Given this information:
Florence's overall marginal tax rate (the sum of the above tax rates) is:___
If she accepts this new assignment she would have to pay: ___ in taxes on her additional weekly earnings.
Then her take-home after-tax additional weakly earnings would be:____.
From a purely financial standpoint, should she accept the new work assignment? Yes or No?
In the winter, which is the peak season for winter coats, the price of winter coats is typically higher than it is in the summer. In the case of strawberries, however, the reverse is true: The price of strawberries is lower in the peak season than it is in the winter season.
Provide THREE reasons to explain this seeming contradiction.
Provide THREE reasons to explain this seeming contradiction.
Classify the following topics as relating to microeconomics or macroeconomics.
a. a worker's decision about how many hours to work.
b. the effect of government spending on the nation's unemployment rate
c. the impact of new technology in the market for DVD recorders.
d. the relationship between education and economic growth
e. the optimal choice of a firm on how many workers to employ.
a. a worker's decision about how many hours to work.
b. the effect of government spending on the nation's unemployment rate
c. the impact of new technology in the market for DVD recorders.
d. the relationship between education and economic growth
e. the optimal choice of a firm on how many workers to employ.
Explain why the existence of negative externalities and public good causes market failure and use an appropriate example.
Provide a good explanation price mechanism and its role in market action by allocating scarce resources among competing needs in a free market and provide a real-world example.
What are the four assumptions in the production possibilities curve and how can unemployment be illustrated with that curve.
Does the principle of “increasing opportunity cost” hold
in this nation? Explain briefly. (Hint: What happens to
the opportunity cost of carpet—measured in number of
looms—as carpet production increases?)
in this nation? Explain briefly. (Hint: What happens to
the opportunity cost of carpet—measured in number of
looms—as carpet production increases?)
explain how the u-shaped average coast curve can be used by a firm in decision making
Economics
In 2017 the exchange rate is 1 ¥ (Japanese Yen) to $0.02 (US dollar). In 2018 the exchange rate is 1 ¥ to $0.01. Answer the following questions.
a) Is the above quote a direct or indirect quote? Why?
b) Between 2017 and 2018 did the dollar appreciate or depreciate?
c) As a result of the change in exchange rates between 2017 and 2018 will US exports become cheaper or more expensive to the Japanese?
d) As a result of the change in exchange rates between 2017 and 2018, will US imports from Japan become cheaper or more expensive to Americans?
a) Is the above quote a direct or indirect quote? Why?
b) Between 2017 and 2018 did the dollar appreciate or depreciate?
c) As a result of the change in exchange rates between 2017 and 2018 will US exports become cheaper or more expensive to the Japanese?
d) As a result of the change in exchange rates between 2017 and 2018, will US imports from Japan become cheaper or more expensive to Americans?
