2. During the semester break, you plan on visiting Nepal. After reachingKathmandu, when you go to convert your Bangladeshi Taka into NepaleseRupee, you see that for every BDT 1000, you are getting NPR 1370. Onyour last day, you go for some shopping and want to buy a Pashminashawl. The average price of 100% pure Pashmina is NPR 6500 and youimmediately check online that in Bangladesh the price of the exact sameshawl is BDT 9000. Based on this information, answer the followingquestions:(a) Define Nominal Exchange Rate. What is the nominal exchange rate ofNPR in terms of BDT?(b) What is the Real Exchange Rate of NPR in terms of BDT consideringthe price level of 100% pure Pashmina shawl?(c) According to your result in (b), is it a good idea or a bad idea to buyPashmina from Nepal, whereas it is available anyway in Bangladesh?

Nominal Exchange rates refers to the price of foreign currency in terms of domestic currency . It…

Answered: 2. During the semester break, you plan…

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter8: Cost Analysis

Section: Chapter Questions

Problem 9E

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Surma is a dentist who works at East West Dentist and she plays guitar in her free time. Suppose the hourly fee that she can charge increases from BDT 900 to BDT 1000. She decides to increase working as a dentist from 5 hours to 9 hours. When the hourly fee she charges increases further from BDT 1000 to BDT 1200, she decides to keep her working hours unchanged at 9 hours. Finally, when her fee increases from BDT 1200 to BDT 1400, she decides to decrease her working hours from 9 to 7 hours. c) Sketch Surma's individual labor supply curve using the numbers given above. d) Explain Surma's decisions about work and leisure. e) Suppose a minimum wage is set for dentists. Sketch the labour market and state the effects of the minimum wage.
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