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The demand for labor by a monopsonist is given by W^d=17-L. The inverse supply curve of labor is given by W^s=2+2L. 1. Find the corresponding total cost and marginal cost functions of this monopsonist. Assume that labor is the only input. 2. What will be equilibrium wage rate and amount of employment? 3. Now suppose that Congress passes a law establishing a minimum wage for all workers at w =12. What will be equilibrium wage rate and amount of employment? (Hint: Carefully draw the relevant curves in a diagram of the labor market, taking into account the effect of the new minimum wage.) 4. In a competitive equilibrium, minimum wages imply a reduction in employment. What happens in this case? Explain briefly
suppose that the economy is currently in a recession. If policy-makers take no action, explain how will the economy evolve over time. Explain in words and using an aggregate-demand/ aggregate-supply diagram.
The concept of limited liability says a stockholder of a corporation: Professor Jeremy Siegel, of the University of Pennsylvania, did research showing: On the settlement date of a futures contract: Two characteristics that make owning stock attractiv..
Assume that the Fed decided engages in an open market purchase of $100 million dollars. If the required reserve ratio is 10%, and if banks hold an additional 2% of their assets in bonds, calculate the total change in the money supply.
The American Baker’s Association reports that annual sales of bakery goods last year rose 15 percent, driven by a 50 percent increase in the demand for bran muffins. Most of the increase was attributed to a report that diets rich in bran help prevent..
Under which circumstances do you think an employee should be monitored? Based on the circumstances you have identified, how often should the employee be monitored?
For each of the cost functions found in part I, find the marginal cost, the average cost function and the average variable cost function.
Heckscher Ohlin model with two goods (wheat and cloth) and two inputs (land and labor), suppose price of cloth rises by 10% and the price of wheat remains the same. Wheat is land intensive and cloth is labor intensive. the rise in the price of cl..
The fiscal deficit of the country Zoldova has been increasing at an alarming rate for the decade. One of the major reasons for the worsening fiscal deficit has been indiscriminate government spending which had to be financed by printing more currency..
A new governance board member is constantly asking the accountant questions about the motor vehicle expenses that are constantly over budget.
It is said that the current generation of workers will have a very small probability of being employed by the same firm throughout their work life. In previous generations it was common for people to have just one employer. Is a more rapid turnover a..
Choose one emerging trend in customer service and discuss how it is impacting the relationships between companies and customers.
The marginal utility of a pizza is 20 utils, and its price is $2. If you buy one unit of each good, will you achieve consumer equilibrium? If not, how can greater total utility be obtained?
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