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You have recently been given the responsibility to update all of the company’s job descriptions to comply with the Fair Labor Standards Act (FLSA) classifications. The company president believes his secretary is an exempt employee and she is not eligible

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Suppose a firm must employ 20 workers in order to produce 2000 units of output that the firm has contracted to supply to the government for $1.4 million. The firm must choose how much to invest in safety. The firm

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Both population and the workforce grow at the rate of n = 1% per year in a closed economy. Consumption is C = 0.5(1 – t)Y, where t is the tax rate on income and Y is total output. The

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A student consumes root beer and a composite good whose price is $1. Currently, the government imposes an excise tax of $0.50 per six-pack of root beer. The student now purchases 20 six-packs of root beer per month. (Think of

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To answer Problem 8, complete Problem 7 first. Suppose that all of the information from Problem 7 holds except that the portion of lemons in the population is one-half rather than one-third. In this instance, prove that no good used

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Paul consumes only two goods, pizza (P) and hamburgers (H) and considers them to be perfect substitutes, as shown by his utility function: U(P, H) = P + 4H. The price of pizza is $3 and the price of hamburgers

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Answer all parts of Problem 3.15 for the utility function U(x, y) = x2 + y2. The marginal utilities are MUx = 2x and MUy = 2y.
In problem 15
a) Is the assumption that more is better

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Let us call et,1 = yt + 1 – ft,1 the 1-quarter-ahead forecast error that you have computed in Exercise 6. Is the expected value of the forecast errors equal to zero? If not, what do you conclude? Run the

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A package delivery company provides both overnight and second-day delivery services. It charges almost twice as much to deliver an overnight package to any world location as it does to deliver the same package to the same location in two

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Here are some balance of payments data (without pluses and minuses):
Merchandise exports, 100
Merchandise imports, 125
Service exports, 90
Service imports, 80
Investment income receipts from assets, 110
Investment income payments on assets,