What was your hourly wage in your most recent job?
... Labor supply is inelastic. Labor demand is elastic. Labor demand is inelastic. Employers are irrational. ...
... Labor supply is inelastic. Labor demand is elastic. Labor demand is inelastic. Employers are irrational. ...
Answers to Problem Set 3
... 1. Consider the market for rental housing in Boston. Suppose that all houses are equal in Boston and that the mayor wishes to assure that its citizens can afford housing. Consider the following two ways of pursuing this goal. For each method, predict what effect each proposal would have on the price ...
... 1. Consider the market for rental housing in Boston. Suppose that all houses are equal in Boston and that the mayor wishes to assure that its citizens can afford housing. Consider the following two ways of pursuing this goal. For each method, predict what effect each proposal would have on the price ...
On Stability of Equilibrium Solutions in the Restricted Many
... Conclusion 1. Analyzing stability of the equilibrium positions S1 , S2 in linear approximation, we have shown that they are stable only if parameter Μ is sufficiently small, namely, 0 < Μ < Μmax = 0.0853217. 2. In the planar case Hq3 = p3 = 0L the equilibrium positions S1 , S2 are stable in Liapunov ...
... Conclusion 1. Analyzing stability of the equilibrium positions S1 , S2 in linear approximation, we have shown that they are stable only if parameter Μ is sufficiently small, namely, 0 < Μ < Μmax = 0.0853217. 2. In the planar case Hq3 = p3 = 0L the equilibrium positions S1 , S2 are stable in Liapunov ...
Topic 4. The First Theorem of Welfare Economics
... and good 2. The distribution of the two goods between Alice and Bob can be described by any point in the Edgeworth box. The contract curve is the locus of all allocations of good 1 and good 2 such that the indifference curves of Alice are tangential to those of Bob. In other words, at each point on ...
... and good 2. The distribution of the two goods between Alice and Bob can be described by any point in the Edgeworth box. The contract curve is the locus of all allocations of good 1 and good 2 such that the indifference curves of Alice are tangential to those of Bob. In other words, at each point on ...
Topic 4. The First Theorem of Welfare Economics
... and good 2. The distribution of the two goods between Alice and Bob can be described by any point in the Edgeworth box. The contract curve is the locus of all allocations of good 1 and good 2 such that the indifference curves of Alice are tangential to those of Bob. In other words, at each point on ...
... and good 2. The distribution of the two goods between Alice and Bob can be described by any point in the Edgeworth box. The contract curve is the locus of all allocations of good 1 and good 2 such that the indifference curves of Alice are tangential to those of Bob. In other words, at each point on ...
Microeconomic Theory I - Personal pages of the CEU
... on general equilibrium for those who want to continue further into more advanced microeconomic theory. Course Requirements and Assessment There will be five homework assignments, a mid-term and a final exam. Homework assignments will be available on the course webpage and will consist of problems th ...
... on general equilibrium for those who want to continue further into more advanced microeconomic theory. Course Requirements and Assessment There will be five homework assignments, a mid-term and a final exam. Homework assignments will be available on the course webpage and will consist of problems th ...
Sample Questions (ECN 101)
... TVC (total variable cost), AVC (average variable cost), ATC (average total cost = average cost), MC (marginal cost). b). (5 points) Suppose that the market price for this good is $50. How much will the firm produce in the short run? How much are the firm's total profits, and why? 4. State if the fol ...
... TVC (total variable cost), AVC (average variable cost), ATC (average total cost = average cost), MC (marginal cost). b). (5 points) Suppose that the market price for this good is $50. How much will the firm produce in the short run? How much are the firm's total profits, and why? 4. State if the fol ...
file
... • Empirical Analytics suggest Equivalence concept is weaken • Samuelson and Comparative Statics (1946-1947): offers statistical critique of comparative statics in relation to marginal analysis. This offers support for or rejection of observations. This is achieved in a 3 step process where: • Samuel ...
... • Empirical Analytics suggest Equivalence concept is weaken • Samuelson and Comparative Statics (1946-1947): offers statistical critique of comparative statics in relation to marginal analysis. This offers support for or rejection of observations. This is achieved in a 3 step process where: • Samuel ...
Supply demand using an excise tax
... (a) Yes, because it is a purchase of a good in the United States. (b) Yes, because investments for American factories count as part of GDP. (c) No, because the clothes are used. Clothes are only counted in GDP when they are sold the first time. (d) Yes, because I am buying a new good. (e) No, becaus ...
... (a) Yes, because it is a purchase of a good in the United States. (b) Yes, because investments for American factories count as part of GDP. (c) No, because the clothes are used. Clothes are only counted in GDP when they are sold the first time. (d) Yes, because I am buying a new good. (e) No, becaus ...
(a) market equilibrium
... Advantages of Prices Prices provide a language for buyers and sellers. 1. Prices as an Incentive Prices communicate to both buyers and sellers whether goods or services are scarce or easily available. Prices can encourage or discourage production. ...
... Advantages of Prices Prices provide a language for buyers and sellers. 1. Prices as an Incentive Prices communicate to both buyers and sellers whether goods or services are scarce or easily available. Prices can encourage or discourage production. ...
Economics - Spring Branch ISD
... During periods of inflation, the value of cash in a person’s pocket increases from day to day as prices rise. 19. True or false; A good will continue to hold its value, provided that it can be stored for a long period of time. 20. If more suppliers enter a market, what will be the affect upon the su ...
... During periods of inflation, the value of cash in a person’s pocket increases from day to day as prices rise. 19. True or false; A good will continue to hold its value, provided that it can be stored for a long period of time. 20. If more suppliers enter a market, what will be the affect upon the su ...
APME Unit I Review Guide
... 2) Opportunity cost: The value of the best alternative forgone in making any choice. 3) Scarcity: The condition of having to choose among alternatives. 4) free good: A good for which the choice of one use does not require that another be given up. 5) scarce good: A good for which the choice of one a ...
... 2) Opportunity cost: The value of the best alternative forgone in making any choice. 3) Scarcity: The condition of having to choose among alternatives. 4) free good: A good for which the choice of one use does not require that another be given up. 5) scarce good: A good for which the choice of one a ...
Civics Unit 2 Study Guide
... 24. Putting capital into a business in hopes of profit would be found in what type of economy? 25. Relaxed government trade regulations allow producers to do what with production costs? 26. The local pizza restaurant makes such great bread sticks that consumers do not respond much to a change in the ...
... 24. Putting capital into a business in hopes of profit would be found in what type of economy? 25. Relaxed government trade regulations allow producers to do what with production costs? 26. The local pizza restaurant makes such great bread sticks that consumers do not respond much to a change in the ...
The Law of Demand
... The Law of Supply • The law of supply holds that other things equal, as the price of a good rises, its quantity supplied will rise, and vice versa. • Why do producers produce more output when prices rise? – They seek higher profits – They can cover higher marginal costs of production ...
... The Law of Supply • The law of supply holds that other things equal, as the price of a good rises, its quantity supplied will rise, and vice versa. • Why do producers produce more output when prices rise? – They seek higher profits – They can cover higher marginal costs of production ...
Chapter 3 (not so briefly)
... When all buyers and sellers are satisfied with their respective quantities at the market price There is a stable, balanced, unchanging situation The supply and demand curves intersect This results in the equilibrium price The price the good sells for ...
... When all buyers and sellers are satisfied with their respective quantities at the market price There is a stable, balanced, unchanging situation The supply and demand curves intersect This results in the equilibrium price The price the good sells for ...
... 13. Draw Average total cost, Average variable cost and marginal cost curves in a single diagram. Also explain relationship between ATC and AVC. 14. What will be the effect on equilibrium price and quantity? When :(i) Both demand and supply curves shift in the opposite direction. (ii) Both demand and ...
1. What Determines the Total Production of Goods and Services
... unit would no longer be profitable ...
... unit would no longer be profitable ...