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Slope Suppose you are given the following data on wage rates and number of hours worked:
Point Hourly Wage Hours Worked per Week
a $0 0
b 5 0
c 10 30
d 15 35
e 20 45
f 25 50
a. Construct and label a set of axes and plot these six points. Label each point a, b, c, and so on. Which variable do you think should be measured on the vertical axis, and which variable should be measured on the horizontal axis?
b. Connect the points. Describe the resulting curve. Does it make sense to you?
c. Compute the slope of the curve between points a and b. Between points b and c. Between points c and
d. Between points d and e. Between points e and f. What happens to the slope as you move from point a to point f?
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On the graph, draw indifference curves that are consistent with his choice of working hours when he was self-employed and when he worked for Glitz and Drywall.
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Marginal physical product diminishes as additional workers are hired because
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For each of the following changes, show the effect on the demand curve, and state what will happen to market equilibrium price and quantity in the short run.
Suppose that Taher's pizza business operates under competitive conditions and that his short-run production function is q=20^E. How much labor does he employ if the price of each pizza is p = $12 and the hourly wage is w0 = $6? [Hint: In this case, i..
Are consumers of rental-housing in Prescott well-served by this price ceiling policy? Provide a careful economic analysis in support of your claim.
Consider an economy with its production possibilities represented by. Suppose the economy starts with a capital stock at time t = 0 equal to 1 unit. Write down the values of gross investment, net investment, capital, consumption, and output observed ..
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