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Draw a graph of the aggregate labor market in equilibrium. Then consider each of the following scenarios. In each case, show the effect on the market and explain what will happen to the real wage and the equilibrium quantity of labor.
a. A technological change occurs that increases the productivity of all workers.
b. The government increases income tax rates.
c. Worker preferences change so that they prefer consumption of market goods to consumption of leisure.
d. The government reduces payroll taxes firms pay when they hire workers.
Why risk averse consumers pay premium for insurance to convert an uncertain outcome to a certain one?
The maintenance cost for both models is $100 per hour. The variable operating cost is $346 per hour for Model A and $290 per hour for Model B. Due to obsolete parts, there is a sunk cost of $2700 for model A and $1900 for Model B.
Last year the US low-cost-carrier Spirit Airlines entered the Dallas-Chicago market. The average ticket price for all airlines servicing the route fell from $200 to $180. After Spirit's entry, the number of passengers increased from 700 to 800 pe..
Suppose that a country's central bank has price stability as the primary objective. Describe how the central bank conducts monetary policy in times of rising energy prices
Explain how and why firms practice 3rd degree price discrimination. Use the handout to illustrate your answer (coupons; airlines, mobile phones).
Although Ken Brown (discussed in problem 3-16) is the principal owner of Brown Oil, his brother Bob is credited with making the company a financial success. Bob is vice president of finance.
Initially, Michael has 10 candy bars and 5 cookies, and Tony has 5 candy bars and 10 cookies. After trading, Michael has 12 candy bars and 3 cookies. In an Edgeworth box, label the initial allocation A and the new allocation B.
Calculate the price elasticity of demand for Einstein's Bagels and explain what it means. Derive an expression for the (inverse) demand curve for Einsteins's Bagels.
Consider a firm with total short-run cost function C=a+b.Q. New legislation means that it should pay an environmental tax which is the fixed sum, independent of whether it produces any output.
how many workers should Ms. Smith hire? (Ms. Smith should hire workers as long as their marginal revenue product (MRP) exceeds their marginal resource cost
Explain and show graphically how this market would be affected if there is an increase in the number of dairy farmers that produce hormone free milk and at the same time south african consumers chose to be more healthy?
Choose a market for a good in your area that seems to be a perfectly competitive market. Write four or five substantive paragraphs that describes the market and answers the following questions: Identify the buyers and sellers as well as the goods o..
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