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Consider the market for air travel. It is discovered that the

Consider the market for air travel. It is discovered that the demand for business class ticket is relatively more inelastic compared to the demand for economy class ticket. (i) Assume that initially the equilibrium price and quantity of tickets for both classes are the same.

Use a market diagram for air travel which illustrates both the business class and the economy class. 

Unemployment: The Actor and the Student

February  2009 ? Reported and written by Damian Ghigliotty

In January 2009, the number of unemployed Americans hit 11.6 million, an increase of 4 million over a year earlier. These are people who don't have jobs, but are actively looking for work.

Take Johnathan Tchaikovsky, a 25-year-old actor living in Queens, New York. Being a young actor isn't easy even in the best of times, but in today's recession, it can be downright painful. Over the past few years, Johnathan has guest-starred on such television shows as CSI New York, Law and Order, and Cold Case. But he is now considering other jobs as a backup because opportunities for actors seem to be few and far between. "There's just very little work available right now," Johnathan says. He scans publications like Backstage for smaller theater work to "cultivate my craft," but relies on his agency and manager for television and film roles. He also networks with directors, writers and producers whenever the opportunity presents itself, usually when filming for a show.

Last year Johnathan booked three to four auditions a week between January and April, the time when television pilots are shot in New York. One big problem? When he goes to auditions, he often faces competition from "celebrities that have been doing it since they were kids."

By contrast, Lesette Latimer is a 21-year-old undergraduate student in her last semester at Pace University in New York City.  She was not counted in the unemployment figures for January 2009 because as a full-time student she was not yet looking for work. Indeed, like many students, she has serious reservations about joining a labor force with such dismal prospects. "I don't know if I'll be able to find work in the next year," says Lesette, a forensic science major living in Brooklyn. "My hope is to continue on to one of the masters programs here."

 1. value:

12.00 points Required information   In this real-life example, is Johnathan part of the labor force? Is Lesette part of the labor force?

Johnathan is part of the labor force; Lesette is not part of the labor force.Johnathan is not part of the labor force; Lesette is part of the labor force.Neither Johnathan nor Lesette is part of the labor force.Both Johnathan and Lesette are part of the labor force.

 2. value:

12.00 points Required information   The table below reports the employment situation for actors nationally for 2007 and for the fourth quarter of 2008 after the economy started to deteriorate.

a. Fill in the missing data for the number of unemployed actors and the unemployment rate.

Employment Situation for Actors (thousands of workers)


labor force



unemployment rate

  2007, full year




  2008, fourth quarter




Data: National Endowment for the Arts, March 2009

b. How many percentage points did the unemployment rate for actors rise between 2007 and the fourth quarter of 2008?

 3. value:

11.00 points Required information   According to the Bureau of Labor Statistics, the average annual wage for actors in the New York area is $35 an hour.

a. If the actor is working full-time for a year (40 hours a week for 50 weeks), how much do they earn for a year?


b. If they are unemployed roughly half the time, how much do they earn for the year?

With free trade between Australia and Canada, Australia would export beef to Canada. But Canada imposes an import quota on Australian beef.

  • Draw a graph and explain how this quota would influence the consumer prices of beef in Canada, consumer surplus (CS) and producer surplus (PS), benefits of beef importers, and the amount of deadweight loss in Canada.(6 marks)

  • The volume of import quota on Australian beef is less than Australia's total export volume of beef to Canada. Explain how this import quota would influence Australia's beef exports to Canada, consumer price of beef in Australia's domestic market, consumer surplus (CS) and producer surplus (PS) in Australia.  (4 marks)

Evaluation of Corporate Performance of McDonald Corp.



Long-Term Debt



Misc. Stocks



Total Liabilities & Equity





























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