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There are two sectors of the construction industry that currently pay their employees the market-clearing wage. The demand for labor in each sector is MRPL = 12 - L,where L = the number (in thousands) of workers. The supply of labor in each sector is L = W - 2, where W= the wage rate (dollars per hour).
A union organizes in one of the sectors, and it restricts supple to that sector by insisting that only those in the union are hired by firms in that sector (and it is difficult to get into the union). When the employees in this sector unionize, the supply of labor in that sector changes to L = W-4.
A. What is the wage rate in both sectors before unionization? How many employees will be hired in each sector?
B. What is the wage rate in the unionized sector? How many employees will be hired in the unionized sector?
C. If the unemployed workers in the newly unionized sector spill over into the nonunion sector? How many employees will be hired in that sector?
D. What is the union relative wage advantage? What is the true absolute effect?
If a random sample of 400 customers is selected, what is the probability of Type I error using this decision rule?
the Advisability of which action to take depends on how the market will respond to the new product.If demand is high, then its worthwhile to make the extra investment for special facilities and equipment needed to produce the component internally.
Assume that you have a normal distribution with mean =0 and variance =1. Assumee you control a likelihood test for mu =.07 and another likelihood test for mu =8.
The director of a nonprofit foundation that sponsors 8-week summer institutes for graduate students analyzed the costs and expected revenues for the next summer institute and recommended that the session be canceled. In her analysis she included a..
(c) What is the variable cost of producing 40 units of output (d) How many units of the variable input should be used to maximize profits (e) What are your maximum profits (f) Over what range of variable input usage do increasing marginal returns exi..
Suppose that you are on a desert island and possess exactly 20 coconuts. Your neighbor, Friday, is a fisherman, and he is willing to trade 2 fish for every 1 coconut that you are willing to give him. Another neighbor, Kwame, is also a fisherman
Lenny's, a national restaurant chain, conducted a study of factors affecting demand. The following variables were defined and examined for a random sample of thirty of its restaurants:
Consider two goods, Gorillas (G) and Chimpanzees (C). Your utility function for gorillas and chimpanzees is given by U(G,C)=ln(G)+C. Gorillas cost $10 each, and Chimpanzees cost $4 each. You currently have $200 to spend.
Suppose that as an owner of a federally insured S&L in the 1980s the price of real estate falls, and most of your loans go into default. In fact, so many loans go into default that the net worth of the S&L is a negative($5 million). Federal regula..
Discuss the differences you observe in your answers above between the monopoly and perfectly competitive firm. x-axis 0 8 18 21 30 price and cost per unit y-axis 0 20 33 35 40 quanity.
Tom can produce 40 balls per hour or 4 bats per hour. Tessa can produce 80 balls per hour or 4 bats per hour. a. calculate Tom's opportunity cost of producing a ball. b. calculate Tessa's opportunity cost of producing a ball.
A sum of $25,000 is deposited into a savings account that pays 8% interest compounded semiannually. Equal annual withdrawals are to be made from the account, beginning 1 year from now and continuing forever.
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