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In applying factor markets , suppose mr. Youw is in a restaurant giving his order to the server where is the economics
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- In applying Factor Markets, suppose Mr. Youw is sitting in a restaurant giving his order to the server. Where is the economics?3. In applying Factor Markets, suppose Mr. You are sitting in a restaurant giving his order to the server. Where is the economics?For a subsistence agricultural household, which of the following happen when the price of the staple they are producing increases? [SelectMultiple] Group of answer choices Due to profit effect, their utility as producers increases. The impact on overall welfare of the household is ambiguous since it depends on the relative forces of profit effect and price effect. Their is no effect since subsistence households never sell or buy their staple production. Due to price effect, their utility as consumers decreases.
- "A pareto efficient allocatiob must always be on the contract curve ". Discuss this sentence with detailsDefine MARKET FACTORS?Using the model developed in The Economy Unit 3, Section 3.7, consider an individual who is facing a wage (w) of $20 per hour. Assume that their spending on goods and services cannot exceed their earnings per day. Maximum consumption (c) per day is: c = w(24 – t) where t = hours of free time per day. a) Initially when facing w = $20 per hour the individual chooses to work 10 hours per day and have 14 hours of free time per day. In a fully labelled diagram show the individual’s optimal combination of free time and consumption. (Fully labelled means that you must label both axes, correctly determine the vertical axis and horizontal axis intercepts, label the slope of the budget constraint and show the optimal amount of free time and consumption associated with it.) b) Assume that the wage increases to $30 per hour. Show the new utility maximizing combination of free time and consumption in your diagram from a). c) On your diagram decompose the overall change in hours of free time in…
- In factor endowment theory,opportunity cost is A.increasing B.decreasing c. constant d.increasing first and decreasng afterSuppose the Economics Department has a graduation party for its students but as a final test they must show they have learned something about trade. Students in group A are given food (F) when they walk in, and students in group B are given a drink (D). Refer to Scenario 1. Suppose that all members of both groups have identical preferences where food and drink provide utility U = FαDβ. The contract curve in the Edgeworth box using a student from each group would be (a) a right angle connecting the lower left corner with the upper right corner.(b) a curve (not necessarily a line) connecting the lower left corner with the upper right corner. (c) a line connecting the lower left corner with the upper right corner.(d) a right angle connecting the upper left corner with the lower right corner.THIS IS FOR MATHEMATICAL ECONOMIC CLASS Question (2): The market for disposable cell phones: Q = 2300 – 16p and Q = 1850 + 14p. Suppose that more consumers prefer the disposable cell phone over the smart phone because the disposable cell phone is more durable than the smart phone. This latest news comes after the fact that firms that manufacture disposable cell phones have the latest technology integrated into their production facilities. What will be the market effect? Going back to question (d), suppose that the price of a disposable cell phone is now set at $11.75. How many disposable cell phones will be demanded by consumers? Whichever curve you’ve determined should be shifted, derive the new function.
- In the specific factor model in a market equilibrium the mobile factor's productivity must be the same for the production of all goods. True False7. It can be argued that the theory of factor endowment is based ona. Identical preferences and tastesb. Even quality of factor inputsc. Homogeneous technologyd. All of the aboveGive typing answer with explanation and conclusion When a company only pays workers .50 an hour why would this be acceptable according to Martin Wolf’s theory?
