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Draw a new graph of labor market equilibrium and label values for the initial real wage and employment.
a. Draw a graph of the firm’s marginal product of labor, assume a fixed value for the real wage, and describe how the firm decides how much labor to hire. How is the marginal product of labor related to labor demand?
b. How does an increase in total factor productivity affect labor demand? Draw this on your original graph of labor market equilibrium and label new equilibrium points.
c. Write the expression for potential output. How does the increase in total factor productivity affect potential output? Explain.
In Illustrate what way do competitive markets have a "natural remedy" for discriminatory hiring practices.
Recall that the Law of Demand states that demand curves are always downward-sloping. That is, people want to buy more of some good when its price is lower. Why is a firm’s short-run demand for labor downward-sloping?
Suppose market demand and supply are given by Qd=100-2P and Qs=5+3p. If a price floor of $30 is set, what will be size of the resulting surplus?
The cost function of a firm is TC = 50 + 4 Q + 2 Q^2. Find the following: The fixed cost (TFC) and the variable cost (TVC) functions The average total cost (ATC), the average variable cost (AVC), and the marginal cost functions (SMC) Using the AVC fu..
Refer to the above graphs. Which graph depicts a situation where sellers are increasing their output because their product is becoming more popular among buyers?
Consider an infinitely repeated Cournot duopoly with discount factor ? 0, and inverse demand functions p(Q)=a-bQ, with a>c and b>0. Find the condition on the discount factor ?, for which the two firms could successfully collude over the monopoly outp..
What is meant by budget deficit? What are the different ways it can be financed? Is the national debt a problem? Discuss
How do I find the level of output (Q) that revenue is maximized?
The global movement toward generally freer trade
Because it acts like a price, U.S. export demand is inversely related to the U.S. real exchange rate. U.S. import demand is inversely related to the real exchange rate of foreign trading partners, which would just be the inverse of the U. S. real exc..
Find a print/image advertisement that appears to be based on the psychographic segmentation variable, and one based on the behavioral segmentation variable. For each ad, identify the target market and support your proposal for the variable. Additiona..
q.your bike is worth 200 and if you park it outside on campus there is a 10 chance that it will be stolen.a. what is
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