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The industry demand in for plumbers is given by the equation W = 50-0.08L, and there is a fixed supply of 300 qualified plumbers.
(a) Draw a diagram illustrating the supply, demand and equilibrium.
(b) Solve the supply and demand equations for the equilibrium wage, W.
(c) If the plumbers now form a union, and supply their labour at a wage of $30 per hour, illustrate the new equilibrium on your diagram and calculate the new level of employment.
Let u be a utility function which generates demand function x(p;w) and indirect utility function v(p;w). Let F : R -> R be a strictly increasing function. If the utility function u* is de ned by u*(x) = F(u(x))
Assume that the long-run aggregate supply curve is vertical at Y = 5,000 while the short-run aggregate supply curve is horizontal at P = $1. The aggregate demand curve is Y = 2(M/P) and M = $7,500. a) Find the current short-run equilibrium values o..
What is the largest loan that the bank can make on the basis of the new deposit If the bank chooses to hold reserves of $3,000 on the new deposit, what are the excess reserves on the deposit
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Total Rev0 8 16 24 32 40 48 56 1.) Calculate marginal revenue & marginal cost for each quantity 2.) Can you tell whether this firm is in a competitive industry and if the industry is in a long-run equilibrium
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Period company return market index return, Determine the company and the market index and show the calculations.
Statistics for the economy as a whole are D= $2,000 billion, R= $200 billion, C/D= 0.2=ratio of currency to transactions deposits, N/D= 2.0= ratio of nontransactions deposits to transactions deposits, MMF/D = 1.6 = ratio of retail money-market mut..
What are the maximization problems faced by the agent and the principal in the extended model? Apply the Nash equilibrium concept to solve for the optimal contract and
Agrigrow is to purchase a tractor for over-the-road hauling for $90,000. It is expected to be of use to the company for 6 years, after which it has a salvage value for $4,000. Transportation cost savings are expected to be $63,000 per year, includ..
Suppose that in Canada the government places a $1,500 tax on the buyers of new snowmobiles. After the purchase of a new snowmobile, a buyer must pay the government $1,500. How would the imposition of the tax on buyers be illustrated.
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