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Consider an economy that consists of two regions-the North and the South. The elasticity of labor demand in each region is -0.5. The economy-wide labor supply is perfectly inelastic. The labor market is initially in equilibrium, with 600,000 employed in the North and 400,000 in the South at the wage of $15/hour. Suddenly, 20,000 people immigrate from abroad and initially settle in the South. They possess the same skills as the native population and supply labor inelastically.
a) What will be the immediate impact on wages in each of the regions in the short run (before any migration between the North and the South occurs)?
b) What will be the effect of this immigration on wages in each of the regions in the long run (after natives respond and migrate across regions)? Assume no change in labor demand.
Assume the labor force decreases in size due to the large number of people reaching retirement age and subsequently entering retirement. At the same time real interest rates in the economy fall. What will happen in the economy?
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Management at the Johnston Corporation estimates a demand function for its lawnmower line to be:Explain the coefficients of each explanatory variable.
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The equilibrium price for physiotherapy visits is $30 and the quantity utilized is 150 visits as a result of the demand and supply conditions in this diagram.
The Haas Corporation's executive vice president circulates the memo to the firm's top management in which he argues for reduction in price of firms product. He says such a price cut will raise the firms sales and profits.
Suppose an airline flying on the Charolette-Chicago route has estimated the demand curves for three different types of customers: business (no advance purchase), leisure (7 day advance purchase), and discount (14 day advance purchase) travellers. ..
Find out the own price elasticity of demand and state whether demand is elastic, inelastic or unitary elastic. Determine the income elasticity of demand state whether good X is normal or inferior
Please refer to Citizen Gas Company PDF for case study and questions. The case study belongs to Economics. Citizen Gas Company is a medium sized company with customers from residential, commercial and industrial sectors.
Consider an electricity market with a daytime (peak-period) inverse demand of P=160-Q, and a nighttime (off-peak) inverse demand P=80-Q, where P is the price of electricity and Q is units of electricity.
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