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Description of Labor Economics
Fleeing political tyranny in country X, assume that 100,000 residents of X leave the nation en masse to a nearby city (City A) in a bordering country (call it country Y) that is democratic. Researchers in Y are interested in how the influx of new labor into Y has affected the local labor market of city A. They have collected the following information: Unemployment rate of native country Y residents in:
City A
Before influx of X residents 6%After influx of X residents 8%Other cities in country Y (where no one moved to)Before influx of X residents 7%After influx of X residents 10%
(a) What was the change in the unemployment rate for native residents in City A after the influx of X residents?
(b) Can this be used to show that the influx of immigrants negatively affected the native population in city A? Why or why not?
(c) Explain how you would use the rest of the information above to better assess the impact of the influx of immigrants.
(d) Discuss any problems or dubious assumptions of your procedure in (c).
Explain how an increase in interest rates initiated by the Federal Reserve affects:
Explain in a nontechnical way why demand is elastic in the northwest segment of the demand curve and inelastic in the southeast segment.
The utility function of a worker is represented by U(C,L) = C X L, so that the marginal utility of leisure is C and the marginal consumption is L.
Why is it not surprising to find that in an oligopoly which sells a basically undifferentiated product like chicken growth hormone all the firms change prices simultaneously, even if there is no explicit price fixing?
Given the price elasticity of demand for two products & marginal cost, determine the optimal markups and prices under third-degree price discrimination.
The largo Publishing House uses 400 printers and 200 printing presses to produce books. A printer's wage is $20 and the price of a printing press is $5000.00. If not, how should the manager of Largo Publishing house adjust input usage?
If Deltas managers needs to follow a constant payout ratio dividend policy
Assume that the nominal wage rate equals 60. In the short-run, aggregate demand and aggregate supply are equal at a price level of 1.0.
Explain why the following statement is false: If a firm's output is increasing and marginal cost (change in total cost divided by change in quantity) is rising, then average total cost (TC/Q) must be rising also.
A monopolist faces the demand curvep =11 - Q , where Q is measured in thousands of units. What is the monopolist profit maximizing price and quantity? What is the profit?
Suppose planned investment falls by 100. Graphically illustrate using the AE-Y graph the effects of this reduction in planned investment on the economy. Also calculate the new equilibrium level of income.
Explain how would the edgeworth box change. How would the production possibilities frontier change as a result
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