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Define the concept of marginal revenue product (MRP), or value of the marginal product as defined on p. 377 of the textbook; then relate that to the marginal cost of the labor input factor. Explain why a competitive, profit-maximizing firm hires workers up to the point at which MRP and the marginal cost (i.e., wage rate) are equal.
page 377 defines value of the marginal product as the marginal product of an input times the price of the output
In order to reduce the unemployment rate jobs must be created... new jobs! Both the Federal Reserve and government have proposed a number of solutions and programs in order to create these jobs. In your opinion which do you believe is the most effect..
Explain the difference between absolute and comparative advantage. Explain the law of increasing (opportunity cost). What causes cause to increase? What factors or events could cause an inward shift of the production possibilities curve?
Consider the market for leather shoes. If producers believe the price of leather shoes will increasae next month, today
Explain the four tenets of the classical position. Consequences of Peace: explain Keynes concerns regarding the Armistice. What did Keynes really mean by "In the long run we are all dead." Explain how the multiplier can achieve full employment. What ..
Why are people who possess specific human capital less likely to change jobs, other things being equal, than those who possess general human capital? Does this imply that people who possess large amounts of specific human capital will never migrate..
Assume to John Smith gets promoted to a job to cause two changes to occur simultaneously: John earns a higher wage also safer environment
Suppose the demand for apartment rentals in New York is Q = 1000 - P and the supply of apartment rentals is Q = 4P. What is the equilibrium price and quantity of apartment rentals in New York?
q.some economists have suggested that the best way to control medical costs is to remove the profit incentive for
Explain the main differences between the three main nominal anchor choices: i) Exchange Rate Target; ii) Money supply target; and iii) Inflation target plus interest rate policy. Use equations to support your answer and do not forget to describe how ..
Baby boomers can save up to $25,000 per year in a 401k account. If Eileen's starting balance at age 53 is $220,000 and she saves the full amount available to her, how much money will she have saved when she is 65 years old (after 12 years of saving)?..
q1. studies have fixed the short-run price elasticity for gasoline at the pump at -.20. suppose that international
What does the term Democracy mean and where is it from? Why is it relevant to our understanding of U.S. Politics? Why is it important? How does it help us think about politics—either meaning “who get’s what, when, and how” or “the process of improvin..
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