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Next, consider an example of DWL in the labour market. Suppose the demand for labour is given by the fixed gross wage W = $16. The supply is given by W = 0.8L.
(a) Illustrate the market geometrically.
(b) Calculate the equilibrium amount of labour supplied, and the supplier surplus.
(c) Suppose a wage tax that reduces the wage to W = $12 is imposed. By how much is the supplier's surplus reduced at the new equilibrium?
If software can only be produced in the quantities above, what should be the production level if the producer operates in a monopolistic competitive market where the price of software at each possible quantity is also listed above
The City of New York has 200 advertising companies, 199 of which employ designers of normal ability at a salary of $100,000 a year. Paying this salary, each of the 199 firms makes a normal profit on $500,000 in revenue.
A farmer believes there is a 50-50 chance that the next growing season will be abnormally rainy.His expected utility function has the form Expected utility=1/2lnYnr+1/2lnYr, where Ynr and Yr represent the farmer's income
Explain why we are using per capita data for food rather than the total value as the dependent variable and examine the residuals of your estimated equation to determine whether any of your years might be considered an outlier in the regression.
At the request of domestic producers, the Taiwanese government imposes a tariff of 500 per imported computer. Find Taiwanese consumption, production, and imports of computers after the imposition of the tariff. How much revenue does the tariff rai..
Indiadesh is a country that produces two goods, textiles and computers. Last year, Indiadesh produced 500 textiles and 1300 computers. This year it produced 450 textiles and 1100 computers. Given no further information.
A U.S. firm is considering moving its production to Mexico. Its estimated production function is q = L 0.5 K 0.5 . The U.S. factor prices are w = r = 10. The Mexican factor prices are w* = 5, r* = 10. What is the optimal input bundle ( L,K..
In a Solow Growth model with technological change, if population grows at a 2 percent rate and the efficiency of labour grows at a 3 percent rate, then the steady state total output grows at what percent rate
A company that manufactures in-line mixers for bulk manufacturing is considering borrowing $1.25 million to update a production line.If it borrows the money now, it can do so at an interest rate of 8%per year simple interest for 4 years.
There is a big gap in the earnings of married women and married men, even if individuals of both sex have the same level of education.
Explain the concept of social deviance and provide examples of deviant behavior in social context
Data for the market for graham crackers is shown below. Calculate the elasticity of demand between the following prices.Price of crackers Quantity Demanded (per month)$3 80 $2.5 120
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