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(Opportunity Cost and Economic Rent) Define economic rent. In the graph below, assume that the market demand curve for labor is initially D1.
a. What are the equilibrium wage rate and employment level? What is the economic rent?
b. Next assume that the price of a substitute resource increases, other things constant. What happens to demand for labor? What are the new equilibrium wage rate and employment level? What happens to economic rent?
c. Suppose instead that demand for the final product drops, other things constant. Using labor demand curve D1 as your starting point, what happens to the demand for labor? What are the new equilibrium wage rate and employment level?
The industry will also incur expenses in the amount of $150,000. Explain how many shares must the industry sell to net $20 million after underwriting and flotation expenses.
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Much of the demand for U.S. agricultural output has come from other countries U.S. farmers are concerned about this drop in export demand.
GDP (You may use the purchase power parity figures.) Per capita GDP, GDP growth rates for the past 5 years, Percentage of GDP spent on military expenditures,Population and population growth rates for past 5 years
If the CPI went from 106 to 111 during the past year, Illustrate what was the rate of inflation.
data collected in the imaginary economy of karabekiar reveals that when price of bork increased by 20%, the quantity of bork sold decreased by 15%.
Make a table and graph of Crusoe's production function. Find out the Marginal product of labor for Crusoe at different quantities of labor.
Assume that the MPC is .8 and that $10 trillion of real GDP is currently being demanded. The government wants to increase real GDP demanded to $11 trillion.
Describe why relatively flat as opposed relatively steep labor demand curves are more consistent with empirical observation that there are relatively minor changes in the real wage rate over course of business cycle.
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What are the two basic choices for them to get out of financial trouble Explain the impact of each. Why are some states playing for a federal bailout if needed. How is that like a game of Chicken Explain. Why would the New Congress do better to le..
We cut down trees and sell the timber for $8000. The timber is sawn up into lumber that sells for $18,000. The lumber is used to build furniture that sells to consumers for $30,000.Which of the following unemployed workers would be an example of ..
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