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(Substitution and Income Effects) Suppose that the substitution effect of an increase in the wage rate exactly offsets the income effect as the hourly wage increases from $12 to $13. What would the supply of labor curve look like over this range of wages? Why?
(Firm's Demand for a Resource) Use the followingdata to answer the questions below. Assume a perfectlycompetitive product market.
(Craft Unions) Both industrial unions and craft unions attempt to raise their members' wages, but each goes about it differently. Explain the difference in approaches and describe the impact these differences have on excess quantity of labor supplied.
Units of Labor Units of Output0 01 72 133 184 225 25a. Calculate the marginal revenue product for each additional unit of labor if output sells for $3 per unit.b. Draw the demand curve for labor based on the above data and the $3-per-unit product price.c. If the wage rate is $15 per hour, how much labor will be hired?d. Using your answer to part (c), compare the firm's total revenue to the total amount paid for labor. Who gets the difference?e. What would happen to your answers to parts (b) and (c) if the price of output increased to $5 per unit, other things constant?
A bauxite mine can be purchased for $20,000,000 and is expected to yield $5,300,000 annually for the next 20 years. After that, the mine is closed and $4,000,000 will be required to restore the site to original environmental conditions
You are attending the yearly shareholder's meeting of PIC firm. A fellow stockholder points out that manager of PIC received $100,000 last year, while the manager of a rival company, CUP Enterprises, earned only $50,000.
A company decides to offer an average annual raise of 8%, although the current inflation rate is 10%. Each engineering manager decides on the best way to distribute the salary increase to his/her staff. However, if everyone gets an increase of 8%
Assume that a monopolist decides to maximize revenue instead of profit. How does this operating objective change the size of the deadweight loss If you are a "benevolent" manager of a monopoly firm and are interested in reducing the deadweight los..
When a pair of dice are tossed, the results may be any whole number from 2 through 12. In the game of craps one can win by tossing either a 7 or 11 on the first roll. What is the probability of doing this.
Arrow now sells 100,000 silk shirts at $100 each. The material per shirt costs $40 and labor costs are $50 per shirt. The firm has $1.2m. in fixed costs. Price elasticity of demand for such shirts is -4. The firm is considering lowering the price ..
The average 15- year- old purchases 12 CDs and 15 cheese pizzas in a typical year. If cheese pizzas are inferior goods, would the average 15- year- old be indifferent between receiving a $ 30 gift certificate at a local music store and $ 30 in cas..
Suppose you are hired as a traffic consultant to improve traffic patterns among commuters. How should these 5000 cars be allocated over the two routes in order to minimize the total amount of time cars are commuting
Consider the market for a product with two types of potential users: those in proportion f have inverse demand schedule P = 5 - 0.5 Q, while the remaining 1 - f have inverse demand P = 10 - Q. Normalize the total number of consumers to 1, and let..
Pat's pizza is a prince taker. It has the following hourly costs: OUTPUT: (PIZZA PER HOUR): 0,1,2,3,4,5,6 TOTAL COST: (DOLLAR PER HOUR): 10,21,30,41,54,69,86a) If pizzas sell for $14, what is Pat's profit-maximizing output per hour What is her profit..
If coffee price declines by 2%, what is the expected percent change in consumer demand (assuming there are no other changes that would affect demand for coffee) What is the expected change in revenue derived from coffee sales
Assume that the company is currently producing 248 units of output per day using 2 units of X and 4 units of Y. The daily cost per unit of X is $135 and that of Y is also $135. Would you recommend a change in the present input combination.
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