Equilibrium wage for plumbers in factor market

Assignment Help Macroeconomics

Reference no: EM1311324

On a proportional basis, there are too many Negroes and too few Jews among professional athletes. This shows that sports has finally overcome racial prejudice, it has not overcome religious prejudice." Comment.

You are the absolute czar and head of a union of 1,000 plumbers in Austin, Texas. You have the absolute power to set the wage at which the plumbers will work. The economist that you have hired tells you that the demand for plumbers in Austin is Q = 1,200 - 100W, where Q is the number of plumbers employed and W is their wage per hour. This demand function can also be written W = 12 - Q/100. If there are no other plumbers in Austin, what wage would you set if (a) you wished to achieve full employment at the highest possible wage; (b) you wished to maximize total payments to plumbers?

Reference no: EM1311324

Questions Cloud

Find the net cash flow provided by operating activities : Finding the Net cash flow provided by operating activities

Expected returns and portfolio variance : What happens to the expected return and standard deviation of returns of the portfolio in Part a if the following conditions exist?

Calculate the maximum and minimum values of the output : The liquid level system shown in the below figure is initially at the steady state with the inlet flow rate at 1 cfm. Calculate the maximum & minimum values of the output.

Purpose an income statement for the year : Purpose an income statement for the year - Prepare an income statement for the year ended December 31, 2006. (Assume that 7,500 shares of stock are outstanding.

Equilibrium wage for plumbers in factor market : You're the absolute czar and head of union of 1,000 plumbers in Austin, Texas. You've the absolute power to set the wage at which the plumbers will work. You wished to achieve full employment at highest possible wage; (b) you wished to maximize the..

Normal distribution-business problem : A normal distribution with a mean of 55 and a standard deviation of 6 is evaluated to solve a business problem.

Binomial distribution concept : A business owner decides to use a binomial distribution to solve one of his problems.

Finding present value and the maturity value : How is interest rate described? Why is there a lower present value of goods to be delivered in future? What are their respective interest rates? Illustrate the adjustments which you think will ensue.

Contingency table problem : If one person is selected at random, what is the probability that person is Female?

User Account

All Pages