8 1. In what sense is education a type of capital? 2. What conditions lead to highly compensated superstars? Would you expect to see superstars in dentistry? In music? Explain. 3. Give an example of how discrimination might persist in a competitive market.
Q: As a result of the decrease in the world price, consumer surplus in the United States million, and…
A: We can find the change in surplus by finding the corresponding change in area. Consumer surplus is…
Q: Transaction One: Open a Bank and Accept Deposits Name your Bank Draw a T-Account Representing…
A: Assets: It refers to valuable things. Assets help in increasing the wealth of a person. It can be…
Q: What is the world development report of the world bank (1994) and what does it say about the Indian…
A:
Q: 2. Given following normal form iii) Player 1 Player 2 C N C-1,2 1,-2 N 1,-2 -1,2 Find pure strategy…
A: The matrix looks like:
Q: Explain the Bank of Canada's monetary policy implemented during the beginning of the pandemic. How…
A: The term Monetary policy is the macroeconomic approach set somewhere around the central bank. It…
Q: You have two machines under consideration for an improved automated wrapping process for Snickers…
A: In this case, we have to know the least cost machines by using the annual worth analysis and in this…
Q: The act of AZ legislators convincing FL legislators to support (help pay for) the Central Arizona…
A: In this model, constituents choose their agents as delegates for their supporters. These delegates…
Q: What are the objectives and advantages of international monetary fund?
A: International Monetary Fund is the financial institution which works for the achievement of the…
Q: Which of the following choices correctly illustrates how changes in opportunity costs affect supply?…
A: At the marketplace, opportunity cost is the cost when an individual chooses an alternative with some…
Q: Consider again the same economy with two banks: Bank One and Bank Two. Partial balance sheet…
A: Introduction High powered money is consist as monetary base in an economy. It is produced by the…
Q: The maintenance on a machine is expected to be #7804 for the second year and an additional 1,750…
A:
Q: What is the world development report of the world bank (1994) and what does it say about the Indian…
A: Introduction - In its 17th World Development Report released in June 1994, the World Bank emphasized…
Q: Let u be the unemployment rate at period t, u be the natural rate of unemployment, and Y be the…
A: Q11 The Okun's Law says that for every 1% rise in unemployment GDP declines by 2%. We can use the…
Q: In the income-expenditure model, if autonomous investment decreases by $10 billion, a. planned…
A: The income expenditure model shows the relationship between income and expenditure in an economy. It…
Q: For the demand function D(p),complete the following. D(p) = 90 − 3p (a)Find the elasticity of demand…
A: Elasticity of demand measures the responsiveness of quantity demanded with respect to change in…
Q: international trade can have big effects on domestic markets. For both an import good and export…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: ECONOMICS..... please it's my last submission... Help
A: Total revenue is the total amount of money a company brings in from selling its goods and services.…
Q: 3. How short-run profit or losses induce entry or exit Fantastique Bikes is a company that…
A: Fantastique Bikes is a company that manufactures bikes in a monopolistically competitive market.…
Q: The table below shows labor income for four individuals and the amount each has pai Labor Income,…
A:
Q: The table below shows the utility schedule for a consumer of candy bars Candy Bars Consumed Total…
A: The utility is the want satisfying power of a good. Total utility is the aggregate amount of…
Q: WORLD VIEW Comparative Macro Performance The performance of the U.S. economy in the 2000s was better…
A: Macroeconomic performance is the manner by which well a nation is doing in arriving at significant…
Q: The employment/population ratio is the number of persons employed divided by the number of persons O…
A: Employment to population ratio can be understood as measure of number of people employed to the…
Q: demand curve of the perfectly competitive firm is downward-sloping and the demand curve in the…
A: Perfect competition is an ideal type of market structure where all manufacturers and consumers have…
Q: 1) Assume that Canadian government taxes away $0.15 of each dollar of new income, that 35% of the…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: In an effort to protect its domestic pear production, the Kingdom of Genovia decides to place an…
A: Trade restrictions are any of the many policy tools that the government uses to limit the volume of…
Q: In the short-run, if a perfectly competitive firm chooses to produce, then its profits are maximized…
A: At the marketplace, the profit maximizing output decision is different for a perfectly competitive…
Q: In a Cobb Douglas production function the marginal prod a. the quantity of labor increases. b. the…
A: In economics and econometrics, the Cobb–Douglas production function is a particular functional form…
Q: a Calculate the missing total revenue and marginale Instructions: Enter your answers as whole…
A: Total revenue, which is the full amount of total sales, is calculated by multiplying the total…
Q: efer to the following table. If the price in the free market is $8, then a price q…
A: The Equilibrium is reached where the demand and supply are equal. The disequilibrium is corrected…
Q: Consider the economies of Hermes and Gribinez, both of which produce gaggles of gop using only tools…
A: Productivity is a proportion of economic performance that looks at the quantity of labor and…
Q: Suppose there is a hurricane that causes oil rigs and refineries in and around the Gulf of Mexico to…
A: Whenever there is a decline in the supply, it is termed a negative supply shock and whenever there…
Q: What is indirect tax? Write its four definitions.
A: Tax is compulsory contribution on the wealth of a person or a body of person for the services of the…
Q: The government's policy goal is to reduce sugar consumption since consuming a lot of sugar is linked…
A: Elasticity of demand is the proportional change in quantity demanded in response to change in price…
Q: What are the credit policy of reserve Bank of india (1994-95). Write any seven policies.
A: The Reserve Bank of India (RBI) is the central bank of India, which started working on Apr. 1, 1935.…
Q: The inverse demand curve facing a resort hotel is during the low season and PL = 100 - QL PH =400 –…
A: In this case, profit-maximizing peak load pricing strategy are chosen. It actually means that we…
Q: how do you know the total variable is 50 when finding the total fixed cost
A: TC = AC * Q ------------------- MC is a change in TC due to changing quantity by one unit. MCn =…
Q: How large a tax cut would be needed to achieve the same increase in aggregate demand? $ 13 bilion b.…
A: In economics, the marginal propensity to consume is a metric that quantifies induced consumption,…
Q: Price level 70 80 90 100 Real GDP demanded (billions of 2009 dollars) 825 750 675 600 Real GDP…
A: The equilibrium is reached where the aggregate demand and aggregate supply are equal.
Q: 28) The price elasticity of demand for a good is relatively elastic if: A) there are a large number…
A: When businesses seek to modify their demand elasticity, they use the price elasticity of demand. If…
Q: Consider two countries, home and foreign and a single good, Y. Assume that home country imports good…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Suppose the market for com is perfectly competitive. The average total cost and marginal cost of…
A: Perfect competition is a type of market structure in which there are large number of buyers and…
Q: The figure below depicts the supply (S) and demand (D) for labor in a perfectly competition market,…
A: A market of labor is characterized by the demand and supply curves. The equilibrium occurs at the…
Q: At the market equilibrium quantity in Figure A, what is the marginal external cost? a) $6 b) $8 c)…
A: Marginal external cost (MEC) is the cost incurred by the third party from the production of one…
Q: Scenario Snackyville sells a wide variety of snacks to retail grocery stores. Snackyville recently…
A: Firms use a variety of pricing methods to achieve a competitive edge and increase profits, including…
Q: When market value of an asset is higher than book value, depreciation is not charged. (A) True B)…
A: The net difference between a firm's entire assets and liabilities is the book value of that company.…
Q: Mr. H Salt purchased an 1/8 interest in a producing oil well for $45,000. Recoverable oil reserves…
A: Depletion alludes to an accumulation bookkeeping technique used to decide the cost of separating…
Q: What is the budgetary procedure?
A: A government budget is a written agreement that details how much money will be generated, where it…
Q: how do you find total fixed cost?
A: Sellers must incur costs while producing goods and services by making a variety of factor payments…
Q: List and discuss the
A: Fiscal policy is the utilization of government spending and taxation to influence the economy.…
Q: Okun's Law is defined as: Change in the unemployment rate=-: If the unemployment rate is 3.6% and…
A: Okun Law represent the relationship between unemployment and losses in a production which occur…
8
1. In what sense is education a type of capital?
2. What conditions lead to highly compensated superstars? Would you expect to see superstars in dentistry? In music? Explain.
3. Give an example of how discrimination might persist in a competitive market.
Step by step
Solved in 2 steps
- A professional basketball players' union negotiates a contract that dramatically increases all players' salaries. How would this influence the opportunity cost for a player who was considering giving up basketball to pursue a career in broadcasting? Select one: Oa. it would increase the opportunity cost of continuing to play professional basketball O b. it should have no bearing on the player's decision from an economic standpoint it would not affect the opportunity cost of playing basketball or of broadcasting O d. it would increase the opportunity cost of becoming a broadcaster1.Explain the role of government in social responsibility in terms of how governments and businesses influence each other. not more than 5 students..... 2. GIve an example for job specifications for job description 3. suppose that you have a company with a specific type of product, identify your target market using the basic segmentation basis. Explain your product and explain your example very well.16. Discrimination is not efficient. A company wishing to maximize efficiency should always hire the best worker for each job regardless of race, gender, etc. Yet in practice, discrimination often happens anyway. Why? Give two reasons why companies discriminate in hiring.
- According to the textbook, if firms are competitive, then labor-market discrimination is Select one: А. certain to be more of a problem than if the market were monopolistic or imperfectly competitive. В. certain to be nonexistent in the short run and in the long run. C. not likely to be a long-run problem unless customers exhibit discriminatory preferences or government maintains discriminatory policies. D. more likely to be a problem in the long run than in the short run, due to the zero- profit condition that characterizes long- run equilibrium for competitive firms. Е. Both A and DAssume that Japan and Korea can switch between producing cars and producing aeroplanes at a constant rate. Hours Needed Quantity Produced to Make 1 in 2400 Hours Car Aeroplane Cars Aeroplanes Japan 30 150 80 16 Korea ? 150 48 16 Korea has an absolute advantage in the production of O a. cars and a comparative advantage in the production of airplanes. O b. neither good and a comparative advantage in the production of cars. O c. neither good and a comparative advantage in the production of airplanes. O d. cars and a comparative advantage in the production of cars.Suppose the product market is competitive. Which of the following would explain why the market forces would drive discriminating employers out of business? a. Workers will refuse to work for a discriminating employer. c. Discrimination imposes an additional cost on the employer, and high-cost firms are eventually driven out of a competitive output market. c. The government mandates that the employer not act on his or her desire to discriminate. d. A competitive output market requires all workers to be paid the same wage. e. Customers will refuse to purchase from a discriminating employer.
- 1) Explain how market forces might give a business an incentive to act in a less discriminatory fashion. An assembly line has traditionally only hired men, but it is having a hard time hiring sufficiently qualified workersC. Explain five economic conditions for an increase demand for education. :A. In the resource market, what is the impact on the demand for coal if the price of the substitute good, natural gas increases? B. The table below represents a perfectly competitive market, if the industry price is $18, calculate the marginal revenue product for the second and third workers. No of Employees 1 2 3 No of Washes 10.00 19.00 26.00 C. Explain why the Value of the Marginal Product Marginal Revenue Product for perfect competitors but these values are not equal for the monopolistic competitors. D. In a company, if the Marginal Revenue Product of the 8th worker hired is less than the MRC for that worker, should the firm hire the 9th worker? Explain E. Graph the resource market for passenger and freight train engineers. Show the change in the wage rate and quantity of workers hired if there is a very large number of engineers retiring and the demand for rail travel has increased in the last year. =
- a. Draw the wage-schooling locus for someone for whom the returns to schooling decrease through college but increase after college. (Assume college is completed after 16 years of schooling and that one can receive at most 6 years of postcollege schooling.) b. On a new graph, plot the marginal rate of return to schooling implied by the wage-schooling locus described in part a. c. What can be said about a college graduate who faces the wage-schooling locus described in part a?1. Explain what is technical efficiency? 2. Explain what is full employment under economic efficiency?20. Over the last 60 or so years, the percentage of women with paid jobs has increased significantly. Is this increase in female employment associated with an increase in the demand for labor, or is it associated with an increase in the supply of labor?
