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Explain why incomplete contracts regarding effort may lead to profit-maximising firms offering employees wages above their reservation wage.
A basic characteristic of the short run for both a perfectly competitive firm and a monopolist is that:
Michelle spends all her money on food and clothing. When the price of clothing decreases, she buys more clothing. Does the substitution effect cause her to buy more or less clothing.
Are the salaries received by professional sports athletes outrageously high? Should the CEO's of financial institutions receive more monetary compensations.
When the price of oranges increases from $1.00 per pound to $1.50 per pound, quantity demanded falls from 500 pounds to 400 pounds. Calculate the price elasticity of demand. Is the demand for oranges price elastic, inelastic, or unit elastic? Explain..
What would you advise the boss - about firing the employee for the garnishment orders, and about garnishment generally?
When using a supply-and-demand model to illustrate how land rents are set, economists typically draw the supply curve as a vertical line because:
In the United States, for example, there is a wealth of historical information by which to make such estimates. What are the perils of historical premiums?
Key concepts to include in your paper--data trends on unemployment, inflation, GDP growth, expansionary fiscal policy tools, FOMC, easy money policy tools and other terms from this class.
A firm†TM s demand function is defined as Q = 30 - 2P. a) Use this demand function to calculate total revenue when price is equal to 10 and when price is equal to 11. b) What is marginal revenue equal to between P=10 and P=11?
On the first Friday of this month, (Feb. 2017), data was released showing that in January 2017 the official unemployment rate had increased from 4.7% in Dec. 2016 to 4.8%. Economists had predicted no change in the unemployment rate.
Draw, on a large graph, a market for apartments in equilibrium, and then apply a binding rent control. Explain and indicate how the relevant economic agents are affected by the application of this price control, and why economists say rent control is..
Karl values Word at $100 and Excel at $40, and Adam values Word at $20 and Excel at $90. If the programs are sold separately, what are the profit-maximizing prices? Adults have more money than teenagers and perhaps more inelastic demand for video gam..
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