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September 2, 2014

Posts by economyst


Total # Posts: 1,118

economics
barring any exchange or movement between the two regions, and assuming all workers are hired, Wn=20-.5(18) = 9 Ws=20-.5(6) = 17
April 16, 2009

Labor Econ
see my response to your later post.
April 15, 2009

History of English Economics
I'm guessing you tried to cut-and-paste the chart -- which does not work well on Jiskha. Sorry. Repost if you can
April 15, 2009

College microeconomics
Right C, thats what I thought too. Why did I say 'D'??? My bad, and good job....
April 14, 2009

College microeconomics
Sue: good point, but I still stand by my answer. In a competitive labor market, the wage rate IS the marginal factor cost. That is, W=MFC. MFC would be the correct answer when MFC does not equal the wage rate. This would occur, for example, if a firm that wants to hire has to ...
April 14, 2009

College microeconomics
Sue: Do a little research, and then take a shot. What do you think. Let the Jiskha volunteers help you guide your thinking rather than do the homework for you. Hints: 1st) D 4) E 5) decrease. I like E better than B Take it from here. Repost if you have questions, but tell us ...
April 14, 2009

Managerial Economics
Take a shot. What do you think? Hint: always always always, maximize profits where MC=MR. Hint 2: Total revenue (TR) is P*Q
April 14, 2009

Economics
Do a little research, and then take a shot. What do you think? We, the Jiskha volunteers, want to help guide your thinking and help you out when you get stuck. We are not here to do your homework for you.
April 14, 2009

economic
Do a little research, and then take a shot. What do you think? Hint, how would the average cost curve change if all input prices changed by the same factor (e.g., doubled)? What does the demand curve for a single firm in a perfectly competitive industry look like; and how ...
April 14, 2009

Econ
Start here: http://www.investopedia.com/university/ratios/debt/ratio4.asp
April 13, 2009

college, Microeconomics
Take a shot, what do you think? Repost and i or others will look at your answers. Hint: I think Warbucks hires 6, Smith hires 5.
April 13, 2009

Statistics
I think D) 0.9951 The probability of failure of machine 1 is 7%. Same for machine 2. The probability they both fail is .07*.07 = .0049 -- Ergo, the prob. that at least one is working is 1-.0049 = .9951
April 13, 2009

home economics
Gas consumption went up by .5 units or .25%. We say a good is inelastic if the elasticity is less than 1.00 (absolute value). Greater than 1 is elastic, equal to 1 is unit-elastic, Since 0.25%/1.00% is less than one, go with inelastic.
April 12, 2009

home economics
price elasticity is (%change Q)/(%change P). (Note: price elasticities are often expressed as a positive number, but in fact they should be negative). You are given (%change P) = 1%. Soooo, x/1% = -2, solve for x. Then apply that percentage change to 200 units
April 12, 2009

MACROECONOMICS
Do a little research and then take a shot. what to you think? Hints: The CPI is calculated by looking at the change in prices of a "market" basket of goods. It does not deal well with 1) technological changes, 2) mandated changes, 3) improved qualities, 4) shifting ...
April 12, 2009

Microeconomics
1. false 2. false 3. probably true, it depends on the relative elasticities of supply and demand.
April 9, 2009

Economics
Take a shot, what do you think? Hints: the questions are all about shifting a supply curve. If the price of something that is generally an input or component to other goods (eg. copper) goes UP, suppliers will want a higher price for any given level of output -- that is, ...
April 8, 2009

Economics
I think you are missing something here. In any case, we, the Jiskha volunteers, are here to help guide your thinking and assist you when you get stuck. We are generally not interested in doing your homework for you. So, in your posts of questions, let us know your thoughts on ...
April 8, 2009

ECONOMICS
Many Many concepts fall into the realm of "economic perspective," including supply, demand, equilibrium, prices, quantities, income, etc. Amoung your two choice sets, if I had to pick the one that is the "most basic", I would go with prices, quantities, and...
April 8, 2009

economics
This is a classic maximize-profits for a monopolist. Always, always, always, maximize where marginal cost (MC) equals marginal revenue (MR). OK, Total Revenue is P*Q. Using your demand equation TR=35Q-.02Q^2. Marginal revenu is the first derivitive of total revenue, so MR=35-....
April 7, 2009

economic
Do a little research, then take a shot. What do you think?
April 6, 2009

Microeconomics
Do a little research, then take a shot. What do you think are the correct answers?
April 5, 2009

MicroEconomics
Good tough question in which there is no right answer. But take a shot, what do you think. Hint: Cigarette makers welcomed a similar restriction in 1971 Hint 2: what do you think is the price elasticity of beer?
April 2, 2009

economic
Do a little research, and then take a shot. What do you think? Hint: You can answer this logically. Remember what an Isoquant represents. Start at a production point with inputs X0 and Y0. If X changed, how much would Y need to change to remain on the same Isoquant? If X ...
April 1, 2009

economis
If the wage rate for non-risky is w, the wage rate for risky should be w+10.
April 1, 2009

economics
Not correct. I believe your answer should be in the form L=f(w) where L is the number of laborers. This is a demand function for labor (and is the invers of w=f(L) as i hinted before) you are given MR=20-.2Q. As I stated before MC=w/20. In equilibrium, MC=MR. So: w/20 = 20-.2Q...
April 1, 2009

economics
Take a shot, what do you think. Hint. Set MC=MR. You have MR. Since one worker can groom 20 dogs, MC=w/20. Hint 2: Q can be translated into number of workers (L). You are given 20Q=L. So Q=L/20. By substitution, you should be able to get a demand function in the form w=f(L)
April 1, 2009

economics
see my answer to your April 1 posting
March 31, 2009

Labor economics
see my answer to your April 1 posting
March 31, 2009

Economics
Do a little research and then take a shot. what do you think. Hint: price elasticity is (%change Q)/(%change P) -- you are given both. Hint 2: Pre-price change Revenue received is P*Q. Adjust P and Q accordingly. Does total revenue go up or down?
March 31, 2009

Economics (attempted as suggested by economyst)
Dont look at Robert's answers. He got them all wrong. a) The firm paid the last hired worker $60 and he produced 12 units. So, cost of producing the last unit (MC) is 60/12 = $5 b) The firm hires 30 workers and pays them $60 each, so Total variable costs are 30*60 = 1800. ...
March 30, 2009

Econ
Do a little research, then take a shot. what do you think?
March 30, 2009

Econ
do a little research and then take a shot. What do you think?
March 30, 2009

Statistics
It usually works the other way around; you give us your answer and we (the Jiskha volunteers) tell you whether you are right or not). We want to guide your thinking rather than do your homework for you.
March 29, 2009

Economics
Do a little research and then take a shot. What do you think? Hint. All of these questions need simple algebra. Repost, and I or others will check your answers.
March 29, 2009

Economics- Help Please!!!
MC is the first derivitive of the total cost function. So, pretend you are integrating. TC = 125Q + (.42/2)Q^2 + (.0021/3)Q^3 Divide by Q to get AVC. Use standard calculus to find the minima of the AVC function.
March 28, 2009

Economics
rational decision about what? buying the last printing press? or hiring the last printer? In either case, you do not present enough information. In particular, you do not have the price a book sells for.
March 28, 2009

Economics
Take a shot, what do you think. Hint, MC is the cost of producing the last unit. Here, the last 12 cost $60, so MC = 60/12 = $5
March 28, 2009

Probability
1 hour is 20 minutes = 2 standard deviations away from the mean. Your stats book should have a cumulative normal distribution table. Look up 2.0 in the table. I get .9772. Ergo, 97.72% will require less than an hour.
March 25, 2009

macroeconomics
1) Start by drawing aggregate supply and demand curves. Oil is generally an input to production. An increase in price should shift the supply curve inward. What happens to price? quantity=GNP? In the long run, supply and demand are more elastic. Redo with more elastic curves. ...
March 25, 2009

Math
The slope of both lines are 2/3. ergo the lines are parallel
March 25, 2009

Data Management
400 is 100/80 = 1.25 standard deviations away from the mean. look up 1.25 in a cumulative normal distribution table (probably in your stats book). I get .8944. Meaning 89.44% of the time, each perch will be under 400g. Take it from here.
March 24, 2009

Math
I too am lost.
March 21, 2009

economics
go over the criteria; what makes a good a public good vs a private good
March 21, 2009

Stats
Expected number is .1*1000 = 100 SD is sqrt(n*p*q) = 1000*.1*.9 = 9.49 90 is 10 away from the mean and 10/9.48= 1.05 standard deviations away. Your stats book should have a cumulative normal distribution table. look up 1.05. I get .8531. Ergo, the probability of seeing more ...
March 20, 2009

Taxes
This is a legal question rather than theory. I believe that a state unemployment tax generates a credit against FUTA taxes, but only if the state taxes are paied on a timely basis. So, I think yes, D is correct.
March 19, 2009

Economics
a is correct, and b and c are clearly wrong. go with a
March 19, 2009

Economics
The answer to this takes several steps (and beyond what I am willing to do here). first, calculate MUx and MUy, noting that for maximization MUx/MUy = Px/Py Second, solve for Px*X or Py*Y. Plug this into the budget constraint equation I=Px*X + Py*Y. Rearrange terms to get X (...
March 19, 2009

Economics
Oops I = (U * (Px^.3 * Py^.7))/.5428
March 19, 2009

Economics
You are almost already there. Getting x* and y* is the hard part. The indirect utility function is: v(Px,Py,I) where I is income Simply substitute your x* and y* in the original utility equation maximum U = (0.3I/Px)^.3 * (0.7I/Py)^.7 collapse terms =(.6968I^.3)/Px^.3 * (....
March 19, 2009

Economics (MRS)
Use basic calculus. MUx = .5y^.5/x^.5 MUy = .5x^.5/y^.5 MRS = MUx/MUy = y/x take it from here
March 19, 2009

Economics
I disgree. I think a
March 18, 2009

Economics
First off, check your HIV supply equation. I would think HIV and Pd would be negatively correlated. If Pd goes up, drug use goes down and thus the quantity of needles goes down, thereby lowering HIV. Anyway. I see several issues with your question. First, with the linear ...
March 17, 2009

Economics/social studies
I disagree. The "invisible hand" has nothing to do with moral precepts. The firm is a profit maximizer. It provides a product and changes the maximum amount it thinks it can. People willing to pay the price do so. So the product goes to those people willing and able ...
March 17, 2009

stats need help
.45 is .05 away from the mean or .05/.023 = 2.17 standard deviations away from the mean. Your stats book should have a cumulative normal distribution table. Look up 2.17. I get .9850, meaning that the probability of observing a sample where more than 45% is 1-.985 = .015=1.5...
March 17, 2009

Economics
First, in part a) you forgot about the interest expenses. As an explicit cost, she has to pay 10% of the 80,000 loan or 8,000 per year. In addition she has foregone interest income of $2000 per year. I am confused by "theory of profit" other that what you explicitly ...
March 16, 2009

maximizing profit
You would solve c) in nearly the same method you used to solve b). Always always always, maximize provits by setting marginal cost (MC) = marginal revenue (MR). MR is the first derivitive of total revenue. Since you got b) right, you probably correctly calculated MR = 715 - ....
March 14, 2009

Financial Management
Take a shot. What do you think? Hint: Jessica wants to expand, Pittman wants to sit tight. In general, the investment decision rests on the expected rates of return.
March 9, 2009

need help math
Set up an algebra equation X*.07 + (2000+2*X)*.11 = 3990. Solve for X and then for 2000+2X
March 8, 2009

algebra interest word problem
see my answer to your re-post
March 8, 2009

Microeconomics
Take a shot, what do you think. Hint: first eliminate the clear loser options. The $57 purchase is a clear loser as one can make an online purchase for $55. The 1-day delivery is also a clear loser. The opportunity cost of getting the book for $58.99 instead of 65 is the ...
March 4, 2009

random assignment-stats
Do a little research then take a shot. what do you think? Hint: no.
March 2, 2009

intro to economics
1) Im good with that 2) HuH, what is NOT a defintition of money? Superman is not a definition of money, but so what. 3-6) I agree 7) CPI should include all consumers. CPI-U, I believe, charts only urban consumers. 8-9) I agree 10) reserve requirements are set by the Fed. 1) ...
March 2, 2009

manegerial econimics
do you have a question?
March 1, 2009

math gcse probability
I agree with Count lblis, the denominator should be 8! = 40320.
February 28, 2009

Microeconomics
take a shot, what do you think? Hint: is the story good news or bad news for Sony or Panasonic?
February 27, 2009

Microeconomics
Do a little research and then take a shot, what do you think? Hint a) fixed costs are costs the firm incurs regardless of the level of production/sales. Variable costs are directly related to the levelo of production/sales. Except for advertising, the cost listed are clearly ...
February 26, 2009

economics
Yours is a very broad and open-ended question. Could you be more specific?
February 26, 2009

Statistics
do you have a question? and shouldnt p=0.5?
February 25, 2009

Economics
Is "c" in your demand equation an unspecified parameter? Anyway, set Qd=Qs and solve for p. With p, solve for Qd. Consumer surplus is the area of the triangle above price but below demand. Producer surplus is the area of the triangle below price but above supply.
February 25, 2009

Economics
Use simple algebra. It cuts the X axis at Q=200, it cuts the y axis at p=50. Simply plug in p=10 and solve for Q. Repeat for 11, and 9.
February 25, 2009

economics
Do you have a question?
February 24, 2009

Economics
Do a little research, then take a shot. What do you think? Hint: elastic.
February 23, 2009

Probability
9+9+9+9+9+5 = 50 which is a possible score.
February 23, 2009

Financial Management 2-2
I agree
February 21, 2009

economics
We usually show budget lines and indifference curves in two-good worlds. But the concept can be extended to an n-good world. Given a fixed budget and fixed prices, the budget line shows the various combinations of the two goods a person could purchase and using up his entire ...
February 21, 2009

college Econ
So for Fred, Z and B are efficiently allocated when Z=B. Further, there are no diminishing returns. That is MU at Z0=B0 is the same as MU at Z1=B1. For Ethel, like Fred, there are no diminishing returns. However, efficient allocation calls for 2Z=B. So, it may not be equitable...
February 19, 2009

Economics
see my answer to your later posting
February 18, 2009

accounting
Here is a site that might help. http://en.wikipedia.org/wiki/Depreciation
February 18, 2009

Statistics
As I understand it, the four possibilities flood/no-flood combined with buy/not-buy That said, I am at a loss trying to understand profit outcomes. However, just compare the expected values of profits under two scenario: 1) she buys, and 2) she doesnt buy. Under 1) she buys, ...
February 16, 2009

Micro Economics
Do a little research, then take a shot, what do you think?
February 15, 2009

Micro Economics
Do a little research, then take a shot. What do you think?
February 15, 2009

Marcoeconomics
Because bonds are typically sold with fixed denominations at a set interest rate; say $10,000 at 6%. If interest rates are 6% and the bond pays 6%, then the bond is being sold at par or $10,000. Now say the interest rates rise to 7%. You certainly wouldnt pay 10,000 for the ...
February 15, 2009

Economics *Micro
Do a little research, then take a shot. What do you think?
February 14, 2009

Economics *Micro
Take a shot, what do you think?
February 14, 2009

Micro Economics
Do a little research then take a shot. What do you think?
February 14, 2009

Micro Economics
No. an increase in a consumer's income shifts the budget line away from the origin, which means both the horizontal and vertical intercepts increase. The slope of the budget line is determined by relative prices. If prices dont change, the slope doesnt change.
February 14, 2009

Microeconomics
As you can see, cut-and-paste operations dont always work well on Jiskha.
February 13, 2009

stats!
Whew. Excel spreadsheets are very helpful for these kinds of calculations. For each coach, build a probability tree. A coach can have 3 possible outcomes in each of 2 seasons, for a total of 3^2 = 9 total. The sum of the 9 possibilities should add up to 1. Then with each ...
February 12, 2009

statistics
Excel spreadsheets are very helpful for these kinds of problems. Start by building a probability tree, calculate all possible values. There are 2 kinds of people (with and without), and each test has two answers (yes, no). So, there should be 8 possible outcomes. The ...
February 11, 2009

Econ
I agree with you, under your equation, MC is constant and equal to .5
February 10, 2009

Econ
Both answers are reasonable. Stability is certainly more important than acceptability. Nearly fixed supply is another reason. Another reason is that diamonds are cannot be adjusted and re-adjusted in size. etc.
February 8, 2009

ECON
I think you are on the right track. My interpretation of this question is to set MB=MC, solve for R*. So, .5R = 90 - R, solve for R. I get R=60, meaning the MB at the optimal R is 30, meaning the Goverment will sell 60 Rs at a price of 30 each.
February 6, 2009

managerial economics
Do a little research, then take a shot, what do you think.
February 6, 2009

Economics
Do a little research, and then take a shot. What do you think? Hint: read up on isoquant curves.
February 5, 2009

Managerial Economics
Plug 20 into your formula for total costs, then calculate average variable cost. Remember, the 100 in the total cost represents fixed costs.
February 5, 2009

Managerial Economics
do a little research, then take a shot. What do you think?
February 5, 2009

Macroeconomics - GDP
I agree with all of your answers except g). I think America GDP remains constant. The increase in american consumption exactly offsets the change in net exports.
February 5, 2009

stats
do a little research, then take a shot. What do you think?
February 5, 2009

Econ
see my later post.
February 5, 2009

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