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- Botswana and South Africa both produce laptops. Botswana produces the Lenovo brand whereas South Africa produces the Acer brand. The demand and supply structure in both countries are given by the Dixit-Stiglitz model, with an elasticity of substitution equal to two in both countries. Assume that the laptop market in Botswana is much large than in South Africa. In both countries, the marginal labour input requirement is one and the fixed labour input per variety is 2.5. Botswana's labour employment in the cell phone industry is 20 million people whereas that of South Africa is 10 million people. Determine the number of varieties that will be supplied to Botswana and South Africa laptop markets in Autarky.Prove that there is a difference between demand shifting and chaining in quantity demanded use diagram to express a complete understanding and explain factors that could affect shifting and chaining.Draw a graph with $ on the Y axis and wins on the X axis that includes the following curves: Total Revenue (TR) and Total Cost (TC). Total Revenue should reflect the assumption that fans can be turned off if a team wins too much or too few games. Additionally, assume that teams can buy wins by hiring better players at a constant cost. Label the number of wins that maximizing profit with Wp and the number of wins that maximizing wins without losing money.
- In the Cournot equilibirum, what is the market price and units produced by firm 1 and firm 2?Many unions attempt to raise the hourly wages received by their members by restricting the supply of workers firms can hire from. Assuming the demand for workers who belong to these unions is inelastic, this would cause: wages of individual union members and the total (combined) income of union members to increase. wages of individual union members to increase and the total (combined) income of union members to decrease. wages of individual union members and the total (combined) income of union members to decrease. wages of individual union members to decrease and the total (combined) income of union members to increase.Please explain how three forms of EMH can be explained by this graph respectively, and why?
- Indicate how each of the following might affect the data shown in the table and graph in Figure 2 of this appendix: BTU’s athletic director hires away the coach from a perennial champion.Determine whether each of the following would increase or decrease the opportunity costs for mothers who decide not to work outside the home. Explain your answers. Higher levels of education for women Higher unemployment rates for women Higher average pay levels for women Lower demand for labor in industries that traditionally employ women Many households supplement their food budget by cultivating small vegetable gardens. Explain how each of the following might influence this kind of household production: Both husband and wife are professionals who earn high salaries. The household is located in a city rather than in a rural area. The household is located in a region where there is a high sales tax on food. The household is located in a region that has a high property tax rate.On September 28, 2012. The Wall Street Journal reported that in the second quarter, the number of cellphone subscribers on contract plans rose just 0.7% from the year before, to 219 million, according to UBS AG. The number of prepaid customers grew about 11.7% to 71 million. How many prepaid customers were there in the second quarter of 2011?
- What are the concepts of microeconomic theory with respect to the supply and demand of the inputs required to produce the good/s and the good/s itself. Consider relating to elasticity/inelasticity; substitutes and complements; derived demand; marginal costing; rival / non-rival goods; price formation.A new technology reduces the time it takes to make a pair of khaki pants. The price of the cloth used to make khaki pants falls. The wage rate paid to garment workers increases. The price of jeans increases. People's incomes increase. Assignment Draw a demand-supply graph and label the axes with the price and quantity of khaki pants. Create one graph that shows each of the demand-supply curves for the five scenarios listed Above Use five different colors to represent each of the five scenarios. Clearly identify your finished graph.Q60 Firms need to decide the proportion of various inputs they will employ in producing their output in order to either minimize cost or maximize profit. Assume that the maker of Samsung appliances is employing variable resources Capital (X) and Labour (Y) in such amounts that the MRPs of the last units of X and Y employed are $100 and $60, respectively. Resource X can be hired at $50 per unit and resource Y at $80 per unit. The firm Multiple Choice shut down. should hire more of both X and Y. is using the least-costly combination of X and Y but could increase its profits by employing less of both X and Y. should hire more of X and less of Y. is producing with the least-costly combination of X and Y but could increase its profits by employing more of X and less of Y.