Geoffrey Carr

Numerade Educator
Teacher

Biography

I just earned Ph.D. in Economics from the University of Virginia and love sharing economic ideas with people from all backgrounds.

Education

Geoffrey has not yet added their education credentials.

Educator Statistics

Numerade tutor for 4 years
21 Students Helped

Topics Covered

How Markets Work
Understanding Short-Term Economic Fluctuations

Geoffrey's Textbook Answer Videos

1

Geoffrey's Quick Ask Videos

02:33
Microeconomics

Jackie has been offered positions by two cable companies. the first company pays a salary of $14,000 plus a commission of $100 for each cable package sold. the second pays a salary of $20,000 plus a commission of $25 for each cable package sold. how many cable packages would need to be sold to make the total pay the same

Geoffrey Carr
02:25
Microeconomics

Assume an indifference map with other goods on the vertical axis and health on the horizontal axis. The government provides families with $400 vouchers that can be redeemed for healthcare services at any hospital, public or private. The budget line for a family that avails this voucher scheme will:_________. A. be negatively sloped. B. be positively sloped up to $400 and then have a zero slope. C. have a zero slope up to $400 and then have a negative slope.

Geoffrey Carr
07:07
Macroeconomics

The Environmental Protection Agency (EPA) wants to investigate the value workers place on being able to work in "clean" mines over "dirty" mines. The EPA conducts a study and finds the average annual wage in clean mines to be $42,250 and the average annual wage in dirty mines to be $47,250.

a. According to the EPA, how much does the average worker value working in a clean mine?

b. Suppose the EPA could mandate that all dirty mines become clean mines and that all workers who were in a dirty mine must therefore accept a $5,000 pay decrease. Are these workers helped by the intervention, hurt by the intervention, or indifferent to the intervention?

Geoffrey Carr
05:29
Macroeconomics

Suppose the joint cost function of a firm producing two products X and Y is given by C = 250X^2 + 120Y^2. Assuming that the output of the two products is restricted to 1480, use the Lagrangian multiplier technique to find the amounts of X and Y that will minimize cost and compute this cost. Also, examine the cost implications of changing this optimal combination to produce equal amounts of both products.

Geoffrey Carr
04:14
Macroeconomics

The government decides to impose a unit tax on producers instead of a unit sales tax on consumers, arguing that this will protect consumers from the negative effects of the tax. Your response to this statement should be that:
A. This is incorrect reasoning because consumers will actually be affected more by the tax on production than a sales tax.
B. This is incorrect reasoning because consumers are always hit harder by a sales tax.
C. This is incorrect reasoning because it doesn't matter whether the tax is imposed on sales or production, the impact is the same.
D. This is the correct reasoning because consumers do not pay for the production.

Tom likes eBooks and iTunes. eBooks cost $4 and provide a marginal utility of 10; iTunes cost $1 and provide a marginal utility of 3. To maximize utility for the given budget, Tom should:
A. Buy more eBooks and fewer iTunes.
B. Buy fewer eBooks and more iTunes.
C. Not change his current consumption choice.

Geoffrey Carr
04:35
Microeconomics

The coffee shop near the local college normally sells 10 ounces of roasted coffee beans for $10. But the shop sometimes puts the beans on sale. During some sales, it offers "33 percent more for free". Other weeks, it takes "33 percent off" the normal price. After reviewing the shop's sales data, the shop's manager finds that "33 percent more for free" sells a lot more coffee than "33 percent off." Are the store's customers making a systematic error? Which is actually the better deal?

Geoffrey Carr
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