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Read the article “Even Europeans will Respond to Incentives” by Edward Prescott, a Nobel laureate in economics that appeared in the issue of the Wall Street Journal.
a) According to Prof. Prescott, between the early 70s and the mid 90s why did labor supply drop in Europe?
b) Use the concepts of substitution and income effect to discuss how taxes that lower net wages can lead to a reduction in the number of hours worked.
At a conference, Olivier Blanchard, a professor of economics at the MIT and the chief economist at the International Monetary Fund (IMF) until October 2015, showed that between 1909 and 1940 the hourly pay of the typical full time American worker more than doubled while the number of hours the typical full time American worker dropped from 70 a week to fewer than 45 a week. c) Use the concepts of substitution and income effect to discuss how higher net wages could lead to a reduction in the number of hours worked.
Given two downward-sloping, linear demand curves, with one showing consumption to be 50 percent greater than the other demand curve at each price, is the demand elasticity the same at any given price?
The City Council in Bigtown is considering removing the monopoly rights of Bigtown Cable TV, Inc. Bigtown Cable is arguing that the competition in the cable TV market will be chaotic and result in a loss of jobs. As the staff economist for the City C..
A local department store puts out products at an initial price, and every week the product goes unsold its price is discounted by 25% of the original price. If it is not sold after 4 weeks, it is sent back to the warehouse. Let W denote your willingn..
Which of the following changes might help solve a divisional conflict regarding a decision? If you were a manager of a cost center, which of the following areas would be of most interest to you? Which of the following actions is consistent with a man..
show how consumers make purchase desicions, on the basis of each model of consumer desicion making cognitive, emotional, paasive.
Do you think this particular budget cutting policy helpful to curb the growing budget deficit.
Consider the model of Gaynor & Town (2012) in which hospitals choose quality with a fixed price. Recall that the model begins with a demand specification, qj = sj (zj , z\j ) × D(¯p, zj , z\j ), where the hospital’s market share sj is a function of i..
Describe the relation between marginal and average costs. Describe the relation between marginal and average fixed costs. Describe the relation between marginal and average variable costs.
Describe the roles of government bodies which conclude the national fiscal policy
A bloom berg business week subscriber study asked In the past 12 months when traveling for business what type of airline ticket did you purchase most often? a second question asked if the type of airline ticket purchased most often was for domestic o..
Assume that the supply of low-skilled workers is fairly elastic, but the employers’ demand for such workers is fairly inelastic. If the policy goal is to expand employment for low-skilled workers, What if the policy goal is to raise wages for this gr..
Bigco’s balance sheet one year ago indicated retained earnings of $448.7million. This year, Bigco’s net income was $36 million. It paid its preferred shareholders a dividend of $5.4 million and its common shareholders a regular dividend of $5.7 milli..
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