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1. The marginal product of labour is MPLLMPLL W LW L = 28 - 0.2, where is the marginal product of labour (in units of output per hour) and is the number of workers the firm employs. The supply of labour is = 2 + 0.1, where is the wage (in $ per hour) and is the number of workers willing to work for the firm.
a. If the competitive firm sells its output at the price P = $2/unit, what is the equilibrium wage and the number of workers the firm hires? Show your work.
b. If the competitive firm sells its output at the increased price P = $2.50/unit, what is the equilibrium wage and the number of workers the firm hires? Show your work.
2. Explain the impact of immigration on the Canadian labour markets (what happens to the Canadian wages and employment due to immigrants arrive in Canada, ceteris paribus)? Illustrate with a graph. Hint: remember that the demand for labour is a derived demand.
What would be one (potential) benefit to the US of becoming more protectionist, and what would be one (potential) harm of doing such? Explain your choices.
An individual wishes to deposit an amount of money now and $100 every six months so that at the end of five years $1,500 will have been accumulated. With interest at 4% per year, compounded semiannually, how much should be deposited now?
In the 1980s, a shortage of registered nurses in the United States led to an increase of almost 21 percent in the real average hourly earnings of RNs from 1981 to 1989 (Pope and Menke, 1990). This increase was the highest of any occupational group. U..
Define absolute and comparative advantage in your own words. Elucidate how absolute and comparative advantages were used in your simulation.
What is the definition of Gross Domestic Product when it comes to Macroeconomics?
Describe the relationship between the database and the information system. How does database development fit into the overall context of information system.
State whether each of the following will increase, decrease, or have no effect on the population variance.
Operating and maintenance expenses for a truck increase by $400/year for the first 5 years of operation. First-year O&M expenses are $2,400. The initial cost of a truck is $8400, estimated salvage value after 4 years is $2,400, and the salvage after ..
A war in the Middle East takes the most cost efficient oil fields out of production for several years. Describe what would happen to the oil market during the war. A tanker runs aground in Alaska, cutting off 5 percent of the world’s oil supply. At t..
What are the characteristics of perfect competition, and does is exist in the real world?
A woman managing a photocopy establishment for $25,000.00 per year decides to open her own duplicating place.
Suppose that you are interested in comparing the costs of producing inpatient services at Saving Grace Hospital with those at ACME Hospital Further suppose that the two hospitals annual admit about 24,000 and 32,000 patients, respectively at average ..
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