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In Home and Foreign there are two factors each of production, land, and labor used to produce only one good. The land supply in each country and the technology of pro- duction are exactly the same. The marginal product of labor in each country depends on employment as follows:
Number of Workers Employed
Marginal Product of Last Worker
1 202 193 184 175 166 157 148 139 1210 1111 10
Initially, there are 11 workers employed in Home, but only 3 workers in Foreign.
Find the effect of free movement of labor from Home to Foreign on employment, production, real wages, and the income of landowners in each country.
In a speech, Professor Gregory Mankiw contends that our elected federal leaders should raise the gasoline tax. Not quickly, but substantially.
Can you please provide an example of the market where government has imposed a price ceiling or a price floor and use demand and supply analysis to elucidate the consequence on that market.
A rise in corporate income taxes increases the investment in physical capital for any given interest rate.
Leon and Heidi decided to invest $3,000 annually for only the first eight years of their marriage. The first payment was made at age 25. If the annual interest rate is 10%, how much accumulated interest and principal will they have at age 65?
Elucidate why the MP/P relation is deficient as the sole mechanism for determining the optimal level of resource.
Discuss the differences between the classical and Keynesian versions of macroeconomic model - Calculate the equilibrium exchange rate, level of income and net exports.
Suppose that there is an increase in total factor productivity,which implies that all firms offer higher wages. In the search model of unemployment,determine the effects of this on the reservation wage and the long-run unemployment rate. Explain your..
What would be the outcome for real GDP and How would you show this fall in investment in the aggregate demand-aggregate supply model, assuming the economy is operating in what, in effect, is a horizontal section of the aggregate supply curve?
What did the central banks do to stabilize the financial systems in 2007-2009 and Describe when and why central banks buy either their own currency or the currency of another nation in an effort to control exchange rates.
Discuss one or two examples of media that have influenced your desires or affected your consumer choices and consumer behavior influenced by advertising.
Suppose that there are three firms, who produce homogeneous products, and whom have the same marginal cost which is constant over output. These firms play an infinitely repeated Bertrand pricing game. Each period they simultaneously set prices.
Last month, Rick's Bike Shop, Inc. increased the price on the 22-ounce can of Camp A bearing grease by 4.5 percent. In response, sales dropped by 9 percent. A) Calculate the point price elasticity of demand for Camp A bearing grease. B) Calculate t..
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