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Assume labor market demand is given by: lD = 10 – w and labor market supply by: lS = w – 2. Suppose that a union has a monopoly in the supply of labor. Suppose also that the goal it has decided to pursue is to maximize the wage bill. In this case, what is the quantity of labor it will offer? (NOTE: Write your answer in number format, with 2 decimal places of precision level; do not write your answer as a fraction. HINTS: Sketch the Marshallian “cross” diagram of supply and demand to help you answer this question. Remember, this is a labor market, not an output market.) Show all steps.
A project manager finds that he does not have direct reward power over salaries, bonuses, work assignments, or project funding for members of the project team with whom he interfaces. Does this mean that he is totally deficient in reward power?
Tim's utility function is U(X,Y)=(X+2)(Y+1). Write an equation for Tim's indifference curve that goes through the point(X,Y)=(2,8). Suppose that the price of each good is one and that Tim has an income of 11. Write an equation that describes his budg..
Describe some of the conflicting social, economic, and environmental costs, benefits, and issues associated with construction of the Three Gorges Dam.
first-time homebuyers creditin 2009 as well as 2010 the us government instituted a program where all first-time
Small country Alpha exports lumber products obtained by cutting Alpha's forests. Cutting the forests creates negative external effects in Alpha.
q.watch the video titled fear the boom and bust. using the tools of macroeconomics identify the primary difference
Suppose three firms compete in prices in an homogeneous good market. Their costs are the same, mc = 10 (marginal cost). Find the equilibrium prices of this game. (Are there many equilibria? If so, notice what all of them have in common).
The market for grapes is given by the following supply and demand equations: Q = 120 – 15P Q = 20 + 5P a. Identify the demand function and the supply function. b. Compute for the equilibrium P* and Q* (Q*, P*). c. Compute the PED at (Q*,P*) AND the P..
Explain the impact of each of the following upon commercial bank reserves: (a) the Federal Reserve sells government bonds in the open market to private buyers;
Taco Bell firm raises the price of its tacos. The price elasticity of demand for Taco Bell tacos equals 5.0. What happens to the Taco Bell's total revenue? Which of the following statements is correct for the price elasticity of demand along a linear..
The initial cost of constructing a permanent dam (i.e., a dam that is expected to last forever, perpetuity) is $425 million. The annual net benefits will depend on the amount of rainfall: $18 million in a “dry” year, $29 million in a “wet” year, and ..
What are the macro- and microeconomic indicators affecting the demand and supply forces in the development of a new office building in a suburban office location.
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