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a) What are the two main assumptions underlying the “neoclassical” theory of a short-run labor demand curve that is declining in rising wage rates (i.e., the “Law of Demand”)?
b) Suppose there is a firm with two inputs of production, labor (L) and capital (K), with associated prices w and r, respectively. Also assume that the firm faces competitive input and product markets and that the two inputs are gross complements in production. Show graphically the long-run labor demand as the wage increases. What happens to long-run demand for capital? Be sure to show the scale and substitution effects of a wage increase on the demands for labor and capital.
What is his budget constraint in terms of Consumption and Hours Worked. Draw his budget constraint on diagram. Now draw several indifference curves and indicate utility maximizing level of Hours worked and Consumption.
We suggested above that an annually increasing renewal fee would be an efficient means of setting optimal patent life. Similarly, suppose that owners who wanted to restrict future use of their property had to pay a fee for each year that the restrict..
If income elasticity of demand is 2.12, it means that quantity demanded will __________ by 2.12 percent for every __________ percent __________ in income.
Explain four problems with the argument that trade protection is needed to protect American jobs. Describe the economic reasons why businesses use off shoring.
Illustrate and reinforce your answer with any theories from international trade and FDI theories.
Suppose that between 2003 and 2007, one group of individuals (Group 1) received job training while another otherwise similar group (Group 2) did not. Suppose that the average earnings of the first group went from $40,000 per year to $55,000 per year,..
Your consulting firm was recently hired to improve the performance of Shin-Soenen Inc, which is highly profitable but has been experiencing cash shortages due to its high growth rate
Should food and beverage advertising to children be banned? What about for other types of products as well? Is it unethical for food companies to target their ads towards children? In a period when most parents are working, how are children to be pro..
Explain in detail the concept of excess burden and explain the factors significant in the calculation of the excess burden. What is marginal excess burden and why is it important concept for policy evaluation?
In a closed agricultural economy, a new water source has been discovered that is expected to provide a steady supply of water for the crops and thereby increasing expected output in the future. What happens to the real interest rate and output? Descr..
To what degree does real GDP measure to health of an economy? How is it possible to make valid international comparisons of real GDP? Support your answer with examples.
Explain what the tax multiplier is and why it is less than the expenditure multiplier. Explain, in your own words, how an increase in investment spending generates a multiplied effect on GDP.
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