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Increase in demand
The following table describes the VMPs of 10 workers in a hypothetical labor market. Worker VMP/hour1 $102 $20..9 $9010 $100Further assume that Firm 1 pays a worker a piece rate and Firm 2 pays a time rate equal to $40/hour.
(a) How do workers sort themselves across firms?
(b) What happens if there is an increase in demand that increases the price of the firm's product by 10%?
(c) What is there is an increase in demand that increases the price of the product by 20%?
Suppose you decide to withdraw $100 in currency from your checking account. What is the effect on M1? Ignore any actions the bank might take as a result of the withdrawal.
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Spell out the types of policies also practices companies should develop if they want to keep their workers from unionizing.
Life insurance companies require applicants to submit to a physical examination as proof of insurability prior to issuing standard life insurance policies.
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Explain why dose not raise in aggreate demand translate into an increase in real GDP.
A firm has estimated the following demand function for its product: Calculate the advertising elasticity of demand and explain its meaning.
Draw a correctly labeled loanable funds graph that shows what happens to real interest rates.
When 50 employees are used, the average product of labor is 50 and the marginal product of 50th worker is 75.
Top Gun Marketing, Inc., offers overhead banner fly-by promotion services using their Cessna aircraft and banner creation facilities.
Limit your reaction to stratigies which can work and reasons for their success.
Using algebra find out the effects of this change in cost on profit maximizing output and the optimal profit.
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