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Suppose the marginal product of labor in the economy is given by MPN = 0.002(16,000 - N), while the supplyof labor is 1000 + 1000w.(a) Find the market-clearing real wage rate and level of employment.(b) What happens to the wage rate and employment if wealth rises, reducing the supply of labor to 500 +1000w?(c) What happens to the wage rate and employment if after wealth has risen as in part (b), there is aproductivity shock that increases the marginal product of labor to MPN = 0.0025(16,000 - N)?
In 1974 disease killed many anchovies and raised anchovy prices. Anchovies are used in cattle feed as a source of protein. The likely impact of this event would be to
Amin consumes two goods: X and Y. M is his monetary income, while Px & Py represent the prices of goods X and Y, respectively. Assume that X is an inferior good while Y is a normal good.consumption possibilities, for the quantities of Y consumed
Expansionary Fiscal Policy - Explain the actions the federal government would take while engaging in expansionary fiscal policy in terms.
If Apple reduced its price for the shuffle, what do you think would happen to their profit? What impact would the price decrease have on their competitors? Explain by considering the elasticity of shuffles).
Using the principles of supply and demand, develop a plan to alleviate the shortage of Math and Science teachers within this country. Try to use price and non-price determinants as your tools to reach equilibrium.
assume there are 400 families in a community. each of these families spends exactly 100 plus one-half of its total
What should have happened to the risk premium on Ukrainian government bonds after Russian troops invaded the Crimea in Late February? You need graphs and a brief written explanation to answer this question.
The average age of engineering students at graduation is a little over 23 years. This means that the working career of most engineers is almost exactly 500 months. How much would an engineer need to save each month to become a millionaire by the end ..
(a) Calculate the number of firms on market
the ali baba co. is he only supplier of a particular type of oriental carpet. the estimated demand for its carpets is
Most macroeconomists believe it is a good thing that taxes act as automatic stabilizers and lower the size of the multiplier. However, a smaller multiplier means that the change in government purchases of goods and services, government transfers
Summary Members of the class are required to prepare an applied research paper, with a minimum of 10 pages but not to exceed 12 pages in length (excluding cover page and appendices), on a specific issue related to leadership or organizational ..
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