In today’s economy, it’s harder for workers to get promoted. In 2006, it took an average of 2 ½ years to get a promotion; today it takes 4 ½ years. As a result, fewer workers are willing to boost their productivity in an effort to impress the boss and get the promotion. In 2006, 25 percent of employees said they were willing to give “an extra oomph” at work (boost their productivity); today about 15 percent are willing to do so. Explain the connection to the Phillips curve.
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In today’s economy, it’s harder for workers to get promoted. In 2006, it took an average
of 2 ½ years to get a promotion; today it takes 4 ½ years. As a result, fewer workers are willing
to boost their productivity in an effort to impress the boss and get the promotion. In 2006, 25
percent of employees said they were willing to give “an extra oomph” at work (boost their
productivity); today about 15 percent are willing to do so. Explain the connection to the
curve.
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- In Autarka 2 amusement parks, Alfonso's wonderland and Bernice's rides there are 9600 people who like to visit an amusement park. Each of theseconsumers wants to visit one park once. The consumers' homes are evenly spaced acrossthe island, and they each suffer a disutility of $24 for each kilometre they travel to reachan amusement park. With their current technology, it costs an amusement park $12 for each customer theyhost. At present, the equilibrium price for an amusement park ticket is $36, and each firmhas a profit of $115,200. This market is best modelled as Hotelling competition. Fixed costs should be neglected. Treat this market as a one-shot game. Do not consider repetition or associated phenomena such as collusion or predatory pricing. Assuming Bernice's rides has a profit function of Nb(Pa,Pb) = 200(PaPb - Pb^2 + 36Pb -12Pa - 288), what is Bernice's rides best response function?In Autarka 2 amusement parks, Alfonso's wonderland and Bernice's rides there are 9600 people who like to visit an amusement park. Each of theseconsumers wants to visit one park once. The consumers' homes are evenly spaced acrossthe island, and they each suffer a disutility of $24 for each kilometre they travel to reachan amusement park. With their current technology, it costs an amusement park $12 for each customer theyhost. At present, the equilibrium price for an amusement park ticket is $36, and each firmhas a profit of $115,200. This market is best modelled as Hotelling competition. Fixed costs should be neglected. Treat this market as a one-shot game. Do not consider repetition or associated phenomena such as collusion or predatory pricing. Find the profit function for Alfonso's Wonderland for the case in which their marginal cost is $6.In Autarka there are 9600 people who like to visit an amusement park. Each of theseconsumers wants to visit one park once. The consumers' homes are evenly spaced acrossthe island, and they each suffer a disutility of $24 for each kilometre they travel to reachan amusement park. With their current technology, it costs an amusement park $12 for each customer theyhost. At present, the equilibrium price for an amusement park ticket is $36, and each firmhas a profit of $115,200. This market is best modelled as Hotelling competition. Fixed costs should be neglected. Treat this market as a one-shot game. Do not consider repetition or associated phenomena such as collusion or predatory pricing. Derive an expression for the location of the indifferent consumer. Use PA to represent the price of admission at Alfonso's Wonderland, and PB to represent the price of admission at Bernice's Wild Rides.
- In Autarka there are 9600 people who like to visit an amusement park. Each of theseconsumers wants to visit one park once. The consumers' homes are evenly spaced acrossthe island, and they each suffer a disutility of $24 for each kilometre they travel to reachan amusement park. With their current technology, it costs an amusement park $12 for each customer theyhost. At present, the equilibrium price for an amusement park ticket is $36, and each firmhas a profit of $115,200. This market is best modelled as Hotelling competition. Fixed costs should be neglected. Treat this market as a one-shot game. Do not consider repetition or associated phenomena such as collusion or predatory pricing. Find the profit function for Bernice's Wild Rides. Assuming that Bernice's marginal cost is $12.What is Autarky? What does Autarky mean? ( 300 words)The following table shows three demand schedules for a person who likes toplay football and/or go swimming. In scenario S1, his income is $100,000 per yearand swimming cost $18 each. In scenario S2, his income is also $100,000 peryear, but the price of swimming rises to $22 per round. And in scenario S3, hisincome increases to $140,000 per year while swimming cost $22 per round.A. Use data under S1 and S2 to calculate the cross elasticity of demand for footballat all three prices. (Use the midpoint formula) Is the cross elasticity the same at allthree prices? What type of goods are football and swimming? Why?b. Use data under S2 and S3 to calculate the income elasticity of demand forfootball at all three prices. (Use the midpoint formula) Is the income elasticity thesame at all three prices? Is football an inferior good? Why?Quantity DemandedPrice S1 S2 S3$100 30 20 3070 50 30 6040 80 40 100
- Q.4. In a recent speech, the governor of your state announced: "One of the blggest causes of juvenile delinquency in this state is the high rate of unemployment among 16 to 19 year olds. The low wages offered by employers in the state have given fewer teenagers the incentive to find summer employment. Instead of working all summer, the way we used to, today's teenagers slack off and cause trouble. To address this problem, I propose to raise the state's minimum wage by $1.50 per hour. This will give teens the proper Incentive to go out and find meaningful employment when they are not in school." Evaluate the governor's plan to reduce juvenile delinquency.What is meant by autarky?:35:56 Sun&Sand sport focuses on customers who are active sports players and thus need to buy sports clothing and shoes. Which segmentation strategy is the most beneficial for Sun&Sand Sports? 6 t of estion Select one: a. Geographic segmentation O b.Psychographic segmentation C. Demographic segmentation O d.Behavioral segmentation DUs page
- 92. Based on Garvin et al. (1957). Ole Oil produces three products: heating oil, gasoline, and jet fuel. The average octane levels must be at least 4.5 for heating oil, 8.5 for gas, and 7.0 for jet fuel. To produce these products Ole purchases two types of oil: crude 1 (at $12 per barrel) and crude 2 (at $10 per barrel). Each day at most 10,000 barrels of each type of oil can be purchased. Before crude can be used to produce products for sale, it must be distilled. Each day at most 15,000 barrels of oil can be distilled. It costs $0.10 to distill a barrel of oil. The result of distillation is as shown in Table 4.55. Distilled naphtha can be used only to produce gasoline or jet fuel. Distilled oil can be used to produce heating oil or it can be sent through the catalytic cracker (at a cost of $0.15 per barrel). Each day at most 5000 barrels of distilled oil can be sent through the cracker, with the results as shown in Table 4.56. Cracked oil can be used to produce gasoline and jet fuel…what is the mariginal rate of subsitutuion between two complementary goods ?In 2010 the government’s main medical adviser drew up plans for a minimum price foralcohol intended to double the cost of some drinks.Under the proposal no drinks could be sold for less than 50 pence per unit of alcohol theycontain. This would mean most bottles of wine could not be sold for under £4.50. Theproposal is aimed at reducing alcohol abuse. A spokesman for an opposition party saidthat it was more important to deal with peoples’ attitudes and not just the price of alcohol.The Portman Group, set up by drinks manufacturers to promote sensible drinking, arguesthat it would damage the majority of drinkers who behave responsibly in terms of theirconsumption.The NHS bill for alcohol abuse is an estimated £2.7bn a year. Recent figures showhospital admissions linked to alcohol use have more than doubled in England since 1995.Alcohol was the main or secondary cause of 207,800 NHS admissions in 2006/7,compared to 93,500 in 1995/96. The number of alcohol-related deaths in England…