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Explain why the quantities of labor supplied increases with the wage, other things remain constant. Describe why some workers earn higher wages than other workers. Summarize the objectives of labor unions and outline strategies used to achieve these objectives. Offer reasons why unionization rates have declined in recent decades.
what less conventional monetary policy tools might a central bank use to stimulate the economy How do these tools work In what way is central banking in the euro-zone area different from or similar to the Federal Reserve System
health economists use demand and supply theory to discuss the health insurance exchange created by the affordable care
a. Distinguish between explicit and implicit costs of your college education giving examples of each. b. What are your fixed costs Variable Costs c. Use a real-world example to explain the law of diminishing marginal productivity in your co..
What is the relationship of the demand curve and marginal cost of equilibrium in a perfectly competitive firm and a monopolistically competitive firm
The short-run production function of a profit maximize firm is given by f(l) = 6l2/3, where l is the amount of labor it uses. The cost per unit of labor is w = 6 and the price per unit of output is p = 3.
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How much labour should be allocated to plant Alpha and to plant Beta? And, at the best allocation, what is the output produced?
Describe the difference between a diminishing marginal product of labor and a negative marginal product of labor. Why would a profit-maximizing firm always choose to operate where the marginal product of labor is decreasing (but not negative)?
If the real wage can adjust to equilibrate labor supply and labor demand, what's the real wage. At this equilibrium what are output,employment, and the total wage of workers. congress cannot dictate ow many workers firms hire at the mandated wage.
For each of the following changes, describe which equilibrium curve (IS, LM or FE) is shifted and in which direction? Expected inflation increases. The future marginal productivity of capital increases. Labor supply decreases.
Explain and show graphically how this market would be affected if there is an increase in the number of diary farmers that produce hormone free milk and at the same time south African consumers chose to be more healthy
Suppose there are 100 workers in the economy in which all workers must choose to work a risky or a safe job. Worker 1's reservation price for accepting the risky job is $1; worker 2's reservation price is $2, and so on. Because of technological re..
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