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Suppose people only consume bread and cheese. These are consumed in ?xed proportion: two slices of bread and one slice of cheese. Output in each sector is produced using labour only as Yb = AbLb Yc = AcLc and assume total labour in the economy is Lb +Lc = ¯ L. Initially productivity is the same in each sector so Ab = Ac = 1. Productivity grows at 2.5% per year in bread production and 0.5% per year in cheese production. Draw two graphs. In the ?rst, show the time path of the distribution of labour in each sector, bread and cheese. In the second graph, show the time path of the overall productivity growth rate for this economy. Hint: from chapter 8 recall that ˆ y= ˆ A,and considerthat the rate of productivity growth for the economy is just the sum of productivity growth by sector weighted by that sector’s share in output.
Why might some firms voluntarily pay workers a wage above the market equilibrium, even in the presence of surplus labor?
Find out a product and describe its price elasticity and income elasticity. How much control might an organization have over pricing based on a product's elasticity.
Suppose the demand curve for a monopolist is Q = 1000 − P, and the marginal revenue function is MR = 1000 − 2Q. The monopolist has a constant marginal and average total cost of $100 per unit. Find the monopolist’s profit-maximizing output and price. ..
Write-down your own, or an imaginary person’s balance sheet. It should include assets (textbooks, etc.) and liabilities (student loans of at least $100, Money you owe to a friend, etc.). Don't forget to include net worth. [No need to write a long bal..
A perfectly competitive firm faces a:
q.assume that two firms compete in quantities cournot in a market in which demand is described by p 260 - 2q. every
In Country A the economy can be described in a series of multiple equations, where the desired consumption is Cd = 100 + 0.8Y - 500r - 0.5G, and desired investment is Id = 10 - 500r. Real money demand is Md/P = Y - 2000i. Other variables are πe = 0.0..
Suppose for a particular production function that If the price of capital is $5 per unit and the price of labor is $125 per unit, at the cost minimizing combination of capital and labor, the firm should employ
What does the Taylor rule imply that policymakers should do to the fed funds rate under the following scenarios?
A current database in education is whether teachers should be paid on a standard pay scale based solely upon their years of training and teaching experience, or whether part of their salary should be based upon their performance
Would Americans be better off if they bought less from foreigners? Would employment in the United States increase if we restricted imports with higher trade barriers?
Beginning from a steady state in the Solow growth model, explain how an increase in the saving rate will affect the levels and growth rates of capital and output per worker.
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