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How closely does the labor market for the following type of worker approximate a perfectly competitive market? What, if any, are the major imperfections in each market?
a. migrant farm worker
b. steel worker
c. nurse
d. bank executive
The annual operating and maintenance expenses are estimated to be $1,000. If Convington's MARR is 15%, how many years will it take before this machine becomes profitable.
What happens to the population size in the long run? Does the Iron Law of Wages (where Malthus asserted that technological change would not improve human living standards) hold in this case? Why or why not?
For a perfectly competitive firm, the price of its product is $3.50. If an additional unit of a resource yields a value of the marginal product (or MRP) equal to $24.50, what is the value of the marginal-physical product? A firm's objective in busine..
The World Bank projects that the world's population will increase from 7 billion today to 8 billion in 2025. World output today is roughly $80 trillion. What is global per capita income today? $ What will per capita income be in 2025 if the world's e..
Assuming no government intervention, describe the market behavior that should result if the price of a product is below its equilibrium price; then describe the behavior that should occur if the price is above its equilibrium price.
How does this policy affect national saving, domestic investment, net capital outflow, the interest rate, the exchange rate, and the trade balance?
Discuss the effects of the change on the value of the currency and the country's balance of payments, using historical and current circumstances.
Using a supply-demand diagram, show a labor market with a binding minimum wage. Now, use the diagram to show those who are helped by the minimum wage, and those who are hurt by the minimum wage.
What are the three factors that determine the behavior and ultimate value of people in an organization? From a manager’s perspective, which is the most important factor of the three? Give an example, supporting your choice.
A General Manger of Harley-Davidson has to decide on the size of a new facility. The GM has narrowed the choices to two: large facility or small facility. The company has collected information on the payoffs. It now has to decide which option is t..
Arguments for public subsidies for education are based upon: The cobweb model of educational attainment is most likely to be applicable when:
Consider a person with preferences over two goods, coffee and cigarettes. Both of these goods are addictive, in other words the more coffee you drink, the more willing you are to give up other goods in exchange for coffee and the more cigarettes you ..
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