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a) Describe the factors that influence wage setting. Write down the equation that represents wage setting, describe the effect of each factor in the equation/function, and draw the corresponding diagram. Clearly state the assumptions behind your analysis.
b) Briefly describe the “efficiency wage” theory. Explain why a firm would want to pay a wage that is higher than the market wage rate. What theories can motivate such a practice?
c) The conventional (classical) labor market theory suggests that i) the wage rate adjusts smoothly so that labor supply equals labor demand; ii) wages are set competitively across markets; iii) there is no ‘involuntary’ unemployment (anyone who wishes to work can work). Does this reflect the reality in real economies? If not, explain why
q1. why does the assumption of independence of risks matter in the examples of insurance? what would happen to premiums
What are the benefits and drawbacks of having a health program that varies by state versus having one that is uniform across the country? Do you find that the positives of state flexibility outweigh the negative or vice versa?
A key determinant of the price elasticity of supply is the:
Demand is measured on the vertical axis and supply on the horizontal axis. The law of demand states that there is a direct relationship between supply and demand. Excess demand in the market will cause the price of a product to decline. Antiques woul..
A CNC mill was purchased 4 years ago for $50,000. The current market value is $26,000, which will decline as follows over the next 5 years: $20,000, $16,250, $14,000, $12,000, and $8500. The O & M costs are estimated to be $6000 this year. These cost..
Suppose that pilots’ union at a certain airline faces an own-wage elasticity of demand for labor of -0.15, and that the mechanics’ union at the same airline faces an own-wage elasticity of demand of -1.80. Suppose that the leaders of both unions push..
Analyze the role of credit rationing in both a developed country and a less-developed country. How does the role of credit rationing influence economic growth and employment in these two countries?
Consider current on-demand digital media delivery trends, such as Apple TV, Netflix, and Hulu. Choose one company. Based on the material covered this week in the lectures and textbook, do you believe that this company has a viable revenue model? Why ..
New York & Co. is considering a limited edition denim jacket. Because it is so special, the first few will sell for a very high price, the next for less, and so on. A curve on a graph is used to estimate the price of each jacket. What if a less autom..
“When the firms in the industry are just able to cover their cost of production, economic profit is zero. Therefore, if demand falls, causing prices to go down even a little bit, all of the firms in the industry will be driven out of business.” True ..
Which curve shifts, and in what direction, when the following event occur in the domestic car market? a) The U.S. economy falls into a recession. b) U.S. auto works go on strike.
Determine equilibrium in wheat market with help of graphs. If re is an increase in price of rice, illustrate what will be its impact on market equilibrium.
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