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Suppose that in Wageland all workers sign annual wage contracts each year on January 1. No matter what happens to prices of final goods and services during the year, all workers earn the wage specified in their annual contract. This year, prices of final goods and services fall unexpectedly after the contracts are signed. Answer the following questions using a diagram and assume that the economy starts at potential output.
a. In the short run, how will the quantity of aggregate output supplied respond to the fall in prices?
b. Illustrate what will happen when firms and workers renegotiate their wages?
He proposed an increased in ethanol produced from corn and the stalks and leaves from corn and other grasses. Illustrate what is the likely impact of these two events on food prices in the United States.
Describe the differences between the substitution effect of a wage increase and the income effect of a wage increase
Elucidate how absolute also comparative advantages were used in your simulation. Elucidate the influences affecting foreign exchange rates.
Illustrate what recieves goverment subsides that are in place to protect the population rather than for economic reasons.
Elucidate the marginal cost of a string. Compute marginal revenue and marginal cost for each quantity.
Ajax Cleaning Products is a medium-sized firm operating in an industry dominated by one very large firm Tile King.
Can you tell whether this firm is in a competitive industry. If so, can you tell whether the industry is in a long-run equilibrium.
If the government imposes a ceiling of $6 on the price of the firm's product, Illustrate what output will the firm produce also Illustrate what will be total profits.
Aggregate Demand-some-not all--of these and/or other terms from this week. Explain how can tax cuts help revive the economy.
Derive an expression for average cost. Derive an expression for marginal costs. Is there any range of production characterized by scale of economies. Elucidate what production level are scale economies exhausted.
Suppose the firms compete in quantities. If firm 1 deviates from collusion in one period, what is the profit of firm 1 in that period in subsequent periods.
Explain how much change in the number of units sold can the company afford and still be no worse off.
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