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Suppose that, initially, the Michigan economy is in equilibrium with no unemployment. The supply of workers is ES = -1,000,000 + 200w, and the demand for workers is ED = 19,000,000 – 300w, where w = annual wages, and E = number of employed workers. Then, structural unemployment arises because the demand for labor falls in Michigan but wages there are inflexible downward and no one moves out of state. If labor demand falls to ED = 18,000,000 – 300w, how many workers will be unemployed in Michigan
An automobile manufacturer uses land, labor, capital, and entrepreneurial ability to produce cars and trucks. if the price of trucks increases, the automobile manufacturer would not
Red Valve Co. of Carnegie, Pennsylvania, makes a control pinch valve that provides accurate, repeatable control of abrasive and corrosive slurries, outlasting gate, plug, ball, and even satellite coated valves. How much can the company afford to spen..
Discuss how financial friction increased sharply during the financial crises of the 1930s and 2007-2009 and how it intensified the crises.
Draw a graph showing a supply and demand curve for wine. Indicate clearly the equilibrium price and quantity. Suppose that a lack of rain during the year has caused the grape harvest to be smaller than usual (grapes are an input for making wine). Sho..
To make a proper stop and frisk, a police officer may obtain the necessary information from:
Describe how changes in the macro environment affect individual firms and industries through the micro economic factors of demand, production, cost and profitability.
Assume the Bank of Japan allowed the money supply to grow by 2% each year while the Bank of Korea chose to maintain relatively high money growth of 12% per year.
q. bud owen operates buds package store in a small college town. bud sells six packs for off-premises consumption. bud
graph these events and evalute the magnitude of the reduction in wages for civilian workers as a whole. Do you concur with Professor Pessimist.
Elucidate would you suggest he buy more jeans and fewer t-shirts, or more t-shirts and fewer jeans.
Let's take the Model of Consumer Behavior for a spin. Consider the last time you purchased a nice dinner at an upscale restaurant. What was your choice of restaurant? Go through all the variables outlined in the first two columns of the model, enviro..
Which of the following contribute to income inequality?
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