Learn more about our help with Assignments: Economics
Search & Filtering
29. Predict how each of the following events will raise or lower the equilibrium wage and quantity of coal miners in West Virginia. In each case, sketch a demand and supply diagram to illustrate your answer.
a. The price of oil rises.
b. New coal-mining equipment is invented that is cheap and requires few workers to run.
c. Several major companies that do not mine coal open factories in West Virginia, offering a lot of
well-paid jobs.
d. Government imposes costly new regulations to make coal-mining a safer job.
a. The price of oil rises.
b. New coal-mining equipment is invented that is cheap and requires few workers to run.
c. Several major companies that do not mine coal open factories in West Virginia, offering a lot of
well-paid jobs.
d. Government imposes costly new regulations to make coal-mining a safer job.
Consider the following Cobb-Douglas production function:
Y = 10(K^0.8L^0.2)
Recall that in the generic Cobb-Douglas production function
In this economy, the demand for labor is:
Y = 10(K^0.8L^0.2)
Recall that in the generic Cobb-Douglas production function
In this economy, the demand for labor is:
Consider the Cobb-Douglas production function. If the stock of labor in the economy increases
while the stock of capital remains unchanged:
a. the equilibrium real rental rate of capital will decrease.
b. the equilibrium real wage will increase.
c. the demand curve for capital will shift up.
d. the demand curve for labor will shift up.
while the stock of capital remains unchanged:
a. the equilibrium real rental rate of capital will decrease.
b. the equilibrium real wage will increase.
c. the demand curve for capital will shift up.
d. the demand curve for labor will shift up.
Assume that the world works according to the Classical model. There are two countries
in the world, Country 1 and Country 2, that each produce output according to the following CobbDouglas
production function:
Y = 5(K^0.4L^0.6)
In addition to having the same production function, Country 1 and Country 2 are also identical in
terms of hours of labor supplied by workers (the stock of labor), stock of capital, real wage and real
rental rate of capital.
Assume that Country 1 can suddenly benefit from a significant improvement in technology, which
changes its production function to Y = 10(K^0.4L^0.6)
a)How will the MP L change in the two countries when the production function in Country 1 changes?
Recall that with a Cobb-Douglas production function
in the world, Country 1 and Country 2, that each produce output according to the following CobbDouglas
production function:
Y = 5(K^0.4L^0.6)
In addition to having the same production function, Country 1 and Country 2 are also identical in
terms of hours of labor supplied by workers (the stock of labor), stock of capital, real wage and real
rental rate of capital.
Assume that Country 1 can suddenly benefit from a significant improvement in technology, which
changes its production function to Y = 10(K^0.4L^0.6)
a)How will the MP L change in the two countries when the production function in Country 1 changes?
Recall that with a Cobb-Douglas production function
1. How to Value surplus , increase or decrease?
2. If tax decrease, what happen of inflation , why?
2. If tax decrease, what happen of inflation , why?
U.S. Government price supports for milk led to an unceasing surplus of milk. In an effort to reduce the surplus about a decade ago, Congress offered to pay dairy farmers to slaughter cows. Use two diagrams, one for the milk market and one for the meat market, to illustrate how this policy should have affected the of meat. (Assume that meat is sold in an unregulated market.)
Imagine you are working in the DVD rental industry and there is a permanent decline in demand DVD rentals. Do you think the price of renting DVDs rise, fall or stay about the same in the long run, ceteris paribus (assume a perfectly competitive market)? Explain.
Economics
Sita expects her future earnings to be worth Rs. 100. If she falls ill, her expected future
earning will be Rs. 25. There is a belief that she may fall ill with probability of ,
-
while the
probability of remaining in good health is .
-
. Let her utility function be given as U(y) =
/
0
+. suppose that an insurance company offers to fully insure Sita against loss of earnings
caused by illness against an actuarially fair premium.
(a) Will Sita accept the insurance? Explain.
(b) What is the maximum amount that Sita would pay for the insurance?
earning will be Rs. 25. There is a belief that she may fall ill with probability of ,
-
while the
probability of remaining in good health is .
-
. Let her utility function be given as U(y) =
/
0
+. suppose that an insurance company offers to fully insure Sita against loss of earnings
caused by illness against an actuarially fair premium.
(a) Will Sita accept the insurance? Explain.
(b) What is the maximum amount that Sita would pay for the insurance?
Can you pls help me solve these problems??
AGUINALDO LABASMASOK WAS PROMOTED FROM CLERK1 TO CLERK2 FROM HIS FORMER SALARY GRADE 2 (P36,000.) TO SALARY GRADE 3 (P38,000)ю CAN YOU DETERMINE HIS INCOME ELASTICITY?
The elasticity of supply is 1 and the elasticity of demand is 2. If demand increases by ten (10%), by what percent will price change?
AGUINALDO LABASMASOK WAS PROMOTED FROM CLERK1 TO CLERK2 FROM HIS FORMER SALARY GRADE 2 (P36,000.) TO SALARY GRADE 3 (P38,000)ю CAN YOU DETERMINE HIS INCOME ELASTICITY?
The elasticity of supply is 1 and the elasticity of demand is 2. If demand increases by ten (10%), by what percent will price change?
Home Country (Malaysia)
(1) define the home country Malaysia
(2) define the protectionism (Malaysia)
(i) actual situation
(ii) actual situation
(iii) defence industries
(1) define the home country Malaysia
(2) define the protectionism (Malaysia)
(i) actual situation
(ii) actual situation
(iii) defence industries
