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Suppose labor supply function:
NS = 85 + 10w - T
where w = real wage and T = lump sum transfer to individuals in the economy.
a) Graph relationship between labor supply and real wage for a given level of T. (This is the function for a straight line, so itwould be a straight line representing NS?)
b) Consider an increase in the lump sum transfer T. Use theconcepts of income and substitution effects to explain why anincrease in the lump sum transfer will reduce the amount of labor supplied.
When testing whether each of independent variables in a multiple regression equation is statistically significant in describing variations in the dependent variable,
The more people decide to hold currency, the A bank currently has $50 million in deposits, $6 million in cash in the vault, $4 million on deposit with the Fed, and $5 million in government securities. The required reserved ratio is percent.
Suppose the production function is given by the following equation (where a and b are positive constants): Q=aL+bK. What is the marginal rate of technical substitution of labor for capital (MRTsL,K ) at any point along an isquant
Assume that the Bank of Ecoville has the following balance sheet and the Fed has a 10% reserve requirement in place: BALANCE SHEET FOR ECOVILLE INTERNATIONAL BANK ASSETS LIABILITIES Cash $33,000 Demand deposits $99,000
If the market price is $6 per bushel, what must happen to restore equilibrium in the market. Suppose the market price is $14 per bushel. Is there a shortage or a surplus in the market.
Golden Star Winery produces midlevel wines consumed primarily in North America. Given below is the projected income statement for the company for 2011. Projected Income Statement (2011) Sales (100,000 cases at $7 per case) $700,000 Cost of goods s..
Debbie is about to choose a career path. She has narrowed her options to two alternatives. She can become either a marine biologist or a concert pianist. Debbie lives two periods. In the first, she gets an education.
Regression analysis was used to estimate the given seasonal forecasting equation, D1 is a variable that is equal to one in 1st quarter and zero otherwise;
The production function is given by W=F(L)=8*L^.5 and the marginal productivity MPL=4/L^.5. If widgets sell for $10, the price of labor is $8/hour, and there is a fixed cost of $25. What is the cost function C(W) for this production technology.
The table reports data on real GDP, consumption, investment, government spending, and aggregate expenditures for a closed economy with fixed taxes. Use the information in the table to answer the following questions. Values are in billions of dolla..
max c,l,h {ln(c)+μ ln(l)} subject to the budget constraint: c=a+(1-T)wh and the time constraint: l+h=1 let μ>0. T
Jonathan (a monopolist) maximizes profit by producing a quantity of 800 pillows where marginal cost is $2 and average cost is $4. Consumers are willing to pay as high as $10 per pillow when the quantity supplied is 800 pillows.
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