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ome workers in the economy are paid a flat salary and some are paid by commission. Which of compensation scheme would require more monitoring by supervisors? In which case do firms have an incentive to pay more than the equilibrium level (as in the worker effort variant of efficiency-wage theory)? What factors do you think determine the type of compensation firms choose?
. Consider a consumer who is always willing to substitute four pounds of a generic store-brand sugar for two pounds of a brand-name sugar. Do these preferences exhibit a diminishing marginal rate of substitution between store-brand and producer-br..
A new taco making equipment that is same in size and expense to hog dog carts has encouraged more street vendors to begin selling tacos.
Suppose a medical study reveals new benefits to consuming beef, and at the same time a bumper corn crop reduces the cost of feeding cattle. The equilibrium quantity of beef will stay the same.
If the price level is above the equilibrium price level, how does the aggregate quantity of goods and services demanded compare to the aggregate quantity of goods and services supplied at the price level? Is this a condition of equilibrium? If no..
A lawyer who drives a beat-up car and wears frumpy dresses may have a hard time getting customers. Potential clients may conclude from his appearance that he is poor, and if he is poor, he probably is not very good.
Firm XYZ measured its MP of labor curve to be the following: MP = 4000 - 2L where L is the number of hours of labor hired per day. XYZ produces gadgets that are sold for $20 each and is able to hire workers for $10 per hour. How many hours of labo..
Suppose a decrease in consumers' income causes a decrease in the demand for chicken and an increase i the demand for potatoes Which good if inferior and which is normal How will the equilibrium price and quantity change for each good
John has been in the habit of mowing Willa's lawn each week for $20. John"s opportunity cost is $15, and Willa would be wlling to pay $25 to have her lawn mowed.
The industrialization period of the late 1800's saw several new forms of energy developed, including 1. more effective use of humans and animals to power machinery using treadmills.
Should price stability be the goal of monetary policy Explain your responses. Compare and contrast the impact of an unexpected shift to a more expansionary monetary policy under rational and adaptive expectations. Are the implications of the two t..
Describe the phenomenon of market foreclosure. Specifically, describe how a vertical merger may "substantially lessen competition or tend to create a monopoly" through virtue of market foreclosure.
What is the most you would pay to call her and ask for the result? Be sure to show the decision tree that fuels your reasoning.
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