Assume that you are analyzing the hospital services market. *For scenarios a-c, explain whether each of the following result in a change in demand, change in quantity demanded, change in supply, or change in quantity supplied in the hospital services market. Draw and label a positively sloped supply curve and negatively sloped demand curve in your diagram to depict each scenario. .
A. A surplus of nurses results in a decrease in the average wage paid to nurses. Note: Nurses are an input in the production of hospital services.
b.Insurers place an increased emphasis on increasing the number of same day surgeries and reducing the number of hospital stays for the insurance pool by reducing reimbursements related to hospital stays.
c.Widespread hospital mergers occur, resulting in the closure of some small hospitals and a lack of entry by new hospitals.
In: Economics
Welfare and Efficiency — End of Chapter Problem
Fei, Morgan, and Lakesha are all in the market for new Levi’s jeans. The marginal benefit for each pair of jeans for each of them is provided in the accompanying table.
| Quantity | Fei | Morgan | Lakesha |
|---|---|---|---|
| 1 | $85 | $40 | $90 |
| 2 | $60 | $32 | $75 |
| 3 | $32 | $24 | $55 |
| 4 | $20 | $16 | $32 |
| 5 | $15 | $8 | $25 |
a. If the price of a pair of Levi’s jeans costs $32, Fei will purchase
, Morgan will purchase
, and Lakesha will purchase
b. The consumer surplus from the last pair of jeans purchased is
largest for Lakesha.
largest for Fei.
the same for Fei, Morgan, and Lakesha.
largest for Morgan.
c. How much total consumer surplus will each of them receive at a price of $32?
Fei’s total consumer surplus is $
Morgan’s total consumer surplus is $
Lakesha’s total consumer surplus is $
d. How much consumer surplus do they receive collectively?
Collective consumer surplus is $
.
In: Economics
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Having a dual mandate, the FED has more degrees of freedom in managing monetary policy than other central banks. Discuss the FED monetary policy with respect to the current economic situation at the domestic and international levels. Imagine being an economic consultant of the FED and advise the chairman with the best monetary strategy for the next year in less than 500 words. Support your viewpoint with data, analyses and empirical evidence.
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What is output market? What are the roles of firms and households in output markets?
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Conclusion overall view of the Sir Kensington's company and & Recommendation (In your opinion, what is the future of the firm) ?
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Describe Sir Kensington’s brand. What are the strengths of this firm’s brand?
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An improvement in technology
| a. |
will always result in a parallel shift of the production possibilities frontier |
|
| b |
will never result in a parallel shift of the production possibilities frontier |
|
| c |
will be indicated as a movement along the production possibilities frontier |
|
| d |
will shift the production possibilities frontier outward but not necessarily to a parallel position |
|
| e |
may not shift the production possibilities frontier |
(2) Economic fluctuations
| a |
are linked, but not perfectly synchronized, across countries |
|
| b |
are perfectly synchronized across countries |
|
| c |
in one country are independent of fluctuations in other countries |
|
| d |
in the United States always lag behind fluctuations in other developed economies |
|
| e |
in the United States usually occur before fluctuations in other developed economies |
3) "Efficiency" refers to
| a |
producing output using the least amount of labor |
|
| b |
producing output using the least amount of capital |
|
| c |
producing as far inside the production possibilities frontier as possible |
|
| d |
producing only one out of many possible commodities |
|
| e |
getting the maximum possible output from available resources |
4) An increase in the price level will cause
| a |
an increase in the quantity of aggregate output supplied |
|
| b |
a decrease in the quantity of aggregate output supplied |
|
| c |
a leftward shift of the aggregate supply curve |
|
| d |
a rightward shift of the aggregate supply curve |
|
| e |
a leftward or rightward shift of the aggregate supply curve, depending on the reason for the price change |
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1. Look up the current U.S. dollar exchange rate for the five major trade partners of the United States and list them.
2. Where is the dollar strongest? Explain why you think this is the case.
3. Where is the dollar weakest? Explain why you think this is the case.
4. Describe how these exchange rates are determined, using the concept of derived demand.
5. Have you had any experience with exchange rates and traveling to foreign countries? Explain.
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You are hired as an economic consultant by a developing country that is experiencing high rate of unemployment, widespread poverty, and out-migration. What economic strategy would you formulate to achieve higher economic growth in the long run aimed at raising the standard of living of the country's population? What effect the prescribed policy measure would have on the nation's PPC?
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Voting as a mechanism for public choice is associated with which of the following problems?
Question 40 options:
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