Question A suburb of Houston has the following labor supply.demand curves, where W is the hourly wage rate: LS = −50 + 20W LD = 125 − 5W Question A Calculate the equilibrium level of employment: Calculate the equilibrium wage: $ What is the size of the labor force in equilibrium: What is the unemployment rate in equilibrium: % Question B […]
Question Suppose Atlanta is proposing to finance their new NFL stadium using taxes on hotel rooms. The idea is that this will get visitors (who are likely benefiting from the stadium) to pay for the stadium rather than the locals. Assume that demand for hotel rooms is given by: P (Q) = 150 − 5Q where Q is in thousands […]
Question Suppose a consumer’s utility function is given by U(X,Y) = (X^1/2)*(Y^1/2), where the consumer has $32 to spend, Px = $1, and Py = $4. Now, suppose that Px has increased to $4. How much additional money would the consumer need to have the same utility level after the price change as before the […]
Question An increase in household wealth resulting from rising home prices and stock prices in the early 2000s resulted in___ A. a decrease in household consumption B. An increase in household saving C. a decline in household saving D. an increase in the government budget deficit. I know the answer is C and I want […]
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