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The city of Sundown is considering a plan to build a convention centre to revitalize the downtown area. The project requires hiring workers in the construction union. Because of unionization, the workers’ wage rate is above the value that would be determined by supply and demand. However, city analysts have econometrically estimated the wage that would prevail if the labour market were competitive. a. If the convention centre increases the total number of construction workers employed, what is the appropriate cost of labour? b. Suppose instead that total employment is unaffected; workers leave private projects to work on the convention centre. Does your answer to (a) change? Why
A fleet manager must choose between two trucks to purchase for a company's fleet. The company will keep either truck for 4 years. Truck A costs $29,000 and has a market value of $16,000 after 4 years. Truck B costs $33,000 and has a market value of $..
For the following production functions: calculate marginal product of labor (L), marginal product of capital (K), and the technical rate of substitution. Identify if the production function exhibits constant, increasing, or decreasing returns to scal..
Suppose you are examining a small open economy with a large negative trade balance. Describe briefly the key pros and cons for this country if it decides to introduce a set of restrictions on international trade in order to achieve a situation when e..
Assume the sale of human organs is legalized and a free market develops. Furthermore, assume the market is in equilibrium. Trace through the price and output effects of the following: An increase in the incomes of potential buyers of human kidneys. A..
the economy is operating beyond the full employment output level thus producing rapid rise in prices of goods and
Oligopolies are always bad for society. The beer industry has a few large firms and many small firms; therefore we would not call it an oligopoly.
Testifying at a price fixing trial involving Cargill Corp. and the market for chicken growth hormone, (in which the Cargill is one of only three firms worldwide), an executive for Perdue said: "It's an oligopoly. When one (firm) changes price, they a..
A monopolist can produce its output at a constant average and constant marginal cost of:ATC = MC = 5. The monopoly faces a demand curve given by the following function: Q= 53-P. And a marginal revenue curve that is given by the function:MR = 53 - 2Q...
Consider two manufacturers. Each makes a product. The two products arc partial substitutes. Priced at P_t. product i receives a demand q_1 = 15 - 2 9_1 + p_2 and q_2 = 15 - 2 p_2 + p_1. It costs $5 to produce a unit of product I and $10 to produce a ..
Mytown uses an interest rate of 6%. What is the EAC for Mytown's policy? What is the EAC for the optimal policy? What is the optimal policy?
q1. if a monopolist has an own-price demand elasticity of -.8 is it maximizing profits? explainq2. what are some
If the United States imports a specific product and exports a different product, what is the likely effect on the price of the product that the United States imports?
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