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Suppose there are 100 firms in the economy. Let us call them firm 1, firm 2, ..., and firm 100. For firm j (j=1,2,...,100) the labor demand (or equivalently MPN) is Nj = 1 - 0.02w where w is the real wage. Note that labor demand function for the whole economy is Nd = N1 + N2 + ... + N100 .Also suppose the labor supply function for the whole economy is Ns = 40 + 3w .
.a) Find the labor demand function for the whole economy.
.b) Find the equilibrium wage and equilibrium employment in the whole economy.
Suppose that the economy is thought to be 2% above potential (that is, the output gap is 2%) when potential output grows 4% per year. Suppose also that the Fed is following the Taylor rule, with an inflation rate of 2% over the past year.
Cinema Theater has estimated the following demand functions for its movies: Daytime demand, QD = 400 - 50 PD Nighttime demand, QN = 200 - 20 PN The marginal cost of serving another customer is $5 and its fixed costs are $100.
In 1984, Walt Disney brought in Michael Eisner, a Paramount executive as CEO. The firm's board of directors agreed to pay Eisner a salary of $750,000 plus a $750,000 bonus for signing on, plus an annual bonus equal to 2 percent of the dollar amoun..
Commercial Recording, Inc., is a manufacturer and distributor of reel-to-reel recording decks for commercial recording studios. Revenue and cost relations are: TR = $3,000Q - $0.5Q2 MR = $3,000 - $1Q TC = $100,000 + $1,500Q + $0.1Q2 MC = $1,500 + ..
The price earnings ratio for each stock is determined through dividing the value of a share of stock by the earnings per share reported by the firm for the most recent 4-quarters.
A 12-year-old boy, while crossing a bridge over the defendant's trolley tracks, swung an 8-foot-long wire over the bridge. The wire touched the defendant's uninsulated trolley wire, which ran over the tracks of his trolley and beneath the bridge
Burlington Northern is considering the elimination of a railroad grade crossing by constructing a dual-track overpass. The railroad subcontracts for maintenance of its crossing gates at $11,500 per year. Beginning 4 years from now.
Explain the term demerit goods and give examples of this and what are externalities? What are positive and negative externalities?
Use a computer regression package or Excel to work this computer exercise. Palm Products Company has collected data on its average variable costs ofproduction for the past 12 months. The costs have been adjusted for inflation by deflating
Industry X has a market demand curve given by the equation P = 100 - Q/100, where P is the market price, and Q is industry-wide output.100 perfectly competitive firms currently operate in industry X. Each of these firms has a total cost function g..
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:
An economy has 2,000 people. 1,000 of them have utility functions U(x, y) = x + y and 1,000 of them have utility functions U(x, y) = min{ 2x, y}. Everybody has an initial allocation of 1 unit of x and 1 unit of y. Find the competitive equilibrium ..
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