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Suppose the firm's labor demand curve is given by:
w = 20 - 0.01E,
where w is the hourly wage and E is the level of employment. Suppose also that the union's utility function is given by
U = 2w ´ E.
It is easy to show that the marginal utility of the wage for the union is E and the marginal utility of employment is w. What wage would a monopoly union demand? How many workers will be employed under the union contract?
From the scenario for Katrina's Candies, determine the importance of predicting the pricing strategies of rival firms in an industry characterized by mutual interdependence.
An investment of $5000 in Biotech common stock proved to be very profitable. At the end of 3 years the stock was sold for $25000. What was the rate of return on the investment?
Describe the economic principles that company executives should consider when developing a strategy or strategies that will maximize profits while minimizing incentives for competitors to develop competing products.
Draw the budget constraint showing the trade-off between dining hall meals and Cups O’ Soup. Assuming that he spends equal amounts on both goods, draw an indifference curve showing the optimum choice. Label the optimum as point A.
Write a program that prompts & accepts a number between 1 and 12. After getting the input, display the number with the appropriate month, show a short description of the month sought Example:
Suppose that the cost of living increases, thereby reducing the purchasing power of your income. If your money wage doesn't increase, you may work more hours because of this cost-of-living increase. Is this response predominantly an income effect ..
John and Mary are divorcing. John is demanding that Mary pay him $75,000 of alimony in the first year after the divorce, $50,000 in the second year, and $25,000 in the third and all subsequent years until he dies or remarries. What
Calculate the IRR for this investment. How would you explain result of your analysis? (Show your analysis in graphs of present worth versus interest rate)
Rhoda bought unit trusts and invested for income. She invested £42,000 in a unit trust with an offer price of £75 per unit, and sold the units after 3 years at the same price. During this period she received income from the units of £9,744. This i..
An increase in the dollar price of yen necessarily means a fall in yen value of dollars. Do you agree? Discuss and explain; The critical thing about exchange rates is that they provide a direct link.
What is the current annual inflation rate (based on the CPI-U) Summarize the major reasons behind this figure. What is the most recent numerical value of the CPI-U What exactly does that number mean
Economic theories and models are concerned with economic variables and variables are measures that can take on different sizes. Explain how an interest on a student's loan is a variable?
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