Island City is located on a small island, while Plains City is located at the center...
Island City is located on a small island, while Plains City is located at the center of a large, flat, featureless plain. Draw two labor supply curves, one for each city, and explain why one curve is steeper than the other.
Homework Answers
In a small island the amount of available land is less therefore everyone must actually commit to work there irrespective of the wages and it is relatively inelastic supply or more steeper when compared to that of the plain.
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Island City is located on a small island, while Plains City is
located at the center...
Every house in a small town has a well that provides water at no cost. However,...
Every house in a small town has a well that provides water at no cost. However, if the town wants more than 10,000 gallons a day, it has to buy the extra water from firms located outside of the town. The town currently consumes 9,000 gallons per day. a. Draw the linear demand curve (just be sure to obey the law of demand). b. The firms’ supply curve is linear and starts at the origin. Draw the market supply curve,...
1. Two firms compete in a linear city of length 1 unit. Consumers are uniformly located...
1. Two firms compete in a linear city of length 1 unit. Consumers are uniformly located along the city. Consumer i's utility derived from buying firm j's product is given by jj-(-x)2-Pj where j 1,2 indicate the two firms, t is the per unit cost of travelling along the city, is the location of consumer i, x is the location of firm j, and pj is the price of product j. Product one contains some intrinsically superior features and 22,...
5. (30 points) Consider a Hotelling line city model, where two firms are located at the...
5. (30 points) Consider a Hotelling line city model, where two firms are located at the two extreme points. The length of the city is 1, and the consumers are evenly distributed over the line. Transportation cost per unit is t. The utility of the good for each consumper is 2 and each consumer only consumes one unit of good. Consumer's utility is zero without purchase. Suppose price charged by fir i 1; 2) is pi a). (10 points) Determine...
2. The demand curve facing a competitive firm Falero is one of more than a hundred...
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Consider the following diagram showing the AD curves in two different economies. One economy is Autarkland—it...
Consider the following diagram showing the AD
curves in two different economies. One economy is Autarkland—it
does not trade with the rest of the world (autarky is a
situation in which a country does not trade with other countries).
The other economy is Openland—it exports to and imports from the
rest of the world.
Explain why an increase in the domestic price level
(for a given exchange rate) reduces net exports in Openland. How
would you illustrate this with the...
Please help with the following microeconomics question 3: 1. A city has a large number of...
Please help with the following microeconomics question 3: 1. A city has a large number of casinos. The demand by patrons for the games (in thousands per week) is Qd = 90 - 3P and the supply is Qs = 3P where P is the price charged to play a game. What is the equilibrium number (quantity) of games played? What is the equilibrium price? 2. Continue your analysis of the casino market in the city: demand by patrons for...
Please help with the following microeconomics question 2: 1. A city has a large number of...
Please help with the following microeconomics question 2: 1. A city has a large number of casinos. The demand by patrons for the games (in thousands per week) is Qd = 90 - 3P and the supply is Qs = 3P where P is the price charged to play a game. What is the equilibrium number (quantity) of games played? What is the equilibrium price? 2. Continue your analysis of the casino market in the city: demand by patrons for...
6. (20 pts.) Suppose that an electric power plant is located close to a well-populated city....
6. (20 pts.) Suppose that an electric power plant is located close to a well-populated city. Some of the residents complain that the power plant causes increased air pollution. One of the marginal cost curves in the diagram reflects private costs and the other reflects social costs. MC-2 40 60 70 110 Q (Megawatts per day) a. Is this a positive or negative externality? b. Which of the two supply curves represents the social marginal cost? C. How many megawatts...
Two small insulating spheres with radius 9.00*10^-2m are separated by a large center-to-center distance of 0.520m...
Two small insulating spheres with radius 9.00*10^-2m are separated by a large center-to-center distance of 0.520m . One sphere is negatively charged, with net charge -2.40uC , and the other sphere is positively charged, with net charge 3.35uC . The charge is uniformly distributed within the volume of each sphere. a) What is the magnitude E of the electric field midway between the spheres? Take the permittivity of free space to be ?0 = 8.85
Need help with letter f! Suppose your city has a lago hospital and a small hospital,...
Need help with letter f!
Suppose your city has a lago hospital and a small hospital, each performing major and minor surgeries. You collect data to see how many surgical patients have their discharges delayed by postsurgical complications, and find the results shown in the table. Discharge Delayed Large Small Major130 of 800 15 of5 20 of 450 Minor 100f 400 y No O Yes (0) Explain why this confusion occurs percentage of minor surgeries (□%) than the larger hospital...
1. Two firms compete in a linear city of length 1 unit. Consumers are uniformly located along the city. Consumer i's utility derived from buying firm j's product is given by jj-(-x)2-Pj where j 1,2 indicate the two firms, t is the per unit cost of travelling along the city, is the location of consumer i, x is the location of firm j, and pj is the price of product j. Product one contains some intrinsically superior features and 22,...
5. (30 points) Consider a Hotelling line city model, where two firms are located at the two extreme points. The length of the city is 1, and the consumers are evenly distributed over the line. Transportation cost per unit is t. The utility of the good for each consumper is 2 and each consumer only consumes one unit of good. Consumer's utility is zero without purchase. Suppose price charged by fir i 1; 2) is pi a). (10 points) Determine...
2. The demand curve facing a competitive firm Falero is one of more than a hundred competitive forms in New York City that produce small cardboard boxes for moving. The following graph shows the daily market demand and supply curves. Demand Supply PRICE (Dollars per small box) QUANTITY (Millions of small boxes) Home On the following graph, use the green line (triangle symbol) to plot the demand curve for Falero's small cardboard boxes. rses INLIMITED wse Catalog ner Offers Options...
Consider the following diagram showing the AD
curves in two different economies. One economy is Autarkland—it
does not trade with the rest of the world (autarky is a
situation in which a country does not trade with other countries).
The other economy is Openland—it exports to and imports from the
rest of the world.
Explain why an increase in the domestic price level
(for a given exchange rate) reduces net exports in Openland. How
would you illustrate this with the...
6. (20 pts.) Suppose that an electric power plant is located close to a well-populated city. Some of the residents complain that the power plant causes increased air pollution. One of the marginal cost curves in the diagram reflects private costs and the other reflects social costs. MC-2 40 60 70 110 Q (Megawatts per day) a. Is this a positive or negative externality? b. Which of the two supply curves represents the social marginal cost? C. How many megawatts...
Need help with letter f!
Suppose your city has a lago hospital and a small hospital, each performing major and minor surgeries. You collect data to see how many surgical patients have their discharges delayed by postsurgical complications, and find the results shown in the table. Discharge Delayed Large Small Major130 of 800 15 of5 20 of 450 Minor 100f 400 y No O Yes (0) Explain why this confusion occurs percentage of minor surgeries (□%) than the larger hospital...
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