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Evaluate the following statement using a work-leisure model:
a. "Given the wage rate, an individual will always prefer a job in which the worker, as opposed to the employer, selects the number of hours worked".
b. "The income effect of any given wage increase is larger for individuals who are currently working many hours than it is for those who are currently working few or no hours".
Which of the following market conditions in an oligopoly increase the probability that it will be able to maintain prices well above the competitive market level? Explain your answer briefly in each case.
Alexander has been accepted as a freshman at a college two hundred miles from his home for the fall semester. Alexander's wealthy uncle, Michael, decides to give Alexander a car for Christmas. Suppose that Jackson Auto Sales never delivers the car to..
Why do farmers landowners have an incentive to maintain the productivity of their land over time.
A hedonic regression is run on the selling prices P of houses near an airport that sold within the last five years that results in the equation P =500000−400×N+0.75×income where P is the most recent selling price in current year dollars, N = 50/d, an..
Some economists argue that it is easier to resolve demand-pull inflation than it is cost-push inflation. Use the aggregate demand and aggregate supply model to explain this assertion.
After graduating from college in 2010, Art Major\'s starting salary is $45757.00. Suppose Art Major has a cost of living adjustment (COLA) clause, i.e. an escalator clause in his labor contract so that he will be able to maintain this same level of p..
Graph the functions (a) y=-x^2+5×-2 and y= x^2+5x-2. with the set of values -5
Suppose that the linear equation for saving in a hypothetical economy is
Per the Kyoto Protocol, European countries have targeted a reduction of CO2 emissions. There are two main types of coal-fire plants in the EU: one type is designed to be able to be retrofitted with abatement equipment at a lower cost than the other t..
Which of the following raise the incentive for households to save?
First suppose that there is no tax in the country Randland. A resident, Dagny, has an hourly wage of $50. How is it possible for Dagny to increase her hours worked after a tax? Graph the labor supply decision for Dagny on a daily income-leisure graph..
An auto-service establishment has estimated its monthly cost function as follows: What price should the firm charge to realize the targeted profit? What would be its (cost-based) markup ratio? Now suppose the demand curve the firm faces is: Q = 3000 ..
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