Superb Professors

1. (Evolution of the Household) Determine whether each of the following would increase or decrease the opportunity costs for mothers who choose not to work outside the home. Explain your answer answers. Higher levels of education for womenHigher unemployment rates for womenHigher average pay levels for womenLower demand for labor in industries that traditionally employ larger numbers of women2. (Tax Rates) Suppose Taxes are related to income as follows:Income Taxes$1,000 $200$2,000 $350$3,000 $450What percentage of income is paid in taxes at each level?Is the tax rate progressive, proportional, or regressive?What is the marginal tax rate on the first $1,000 of income? The second $1,000? The third $1,0003. (Substitutes and Complements) For each of the following pair of goods, determine whether the goods are substitutes, complements, or unrelated:Peanut butter and jellyPrivate and public transportationCoke and PepsiAlarm clocks and automobilesGolf clubs and golf balls4. (Demand Shifters) List five things that are held constant along a market demand curve, and identify the change in each that would shift that demand curve to the right- that is, that would increase demand.5. (Supply) Why is a firm willing and able to increase the quantity supplied as the product price increases?6. (Equilibrium) Assume the market for corn is depicted as in the table that appears below.Complete the table below. What market pressure occurs when quantity demanded exceeds quantity supplied? Explain.What market pressure occurs when quantity supplied exceeds quantity demanded? ExplainWhat is the equilibrium price?What could change the equilibrium price?At each price in the first column of the table below, how much is sold?Price Per BushelQuantity Demanded (Millions of bushels)Quantity Supplied(millions of bushels)Surplus/ShortageWill Price Rise or Fall?$1.803202002.003002302.202702702.402303002.602003302.80180350

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