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Questions:
a) Successful unions do what to the equilibrium wage?
(b) What group benefits and who is worse off when the union has been successful?
(c) What happens in the non-union market graph?
A newscaster interviewed a senator about a proposed fence along the Mexican border. He said not to build it because some illegal entrants would still manage.
Select at least five (5) economic concepts covered in the first four (4) weeks' readings, and discuss the primary manner in which these concepts impact the world of health care economics. Some examples of selected concepts are health demand and suppl..
the firm currently uses 50000 workers to produce 200000 units of output per day. the daily wage per worker is 80 and
What do we mean when we talk about "leading indicators"? Just what is a leading indicator anyway - Discuss one of the most important areas of economics, namely the use of leading economic indicators to forecast the future direction of the macroecon..
Assume that the price of x1 has changed from P1 to P1'. What is the optimal quantity of x1 at the new income I' and the P1' ? (hint: this question is asking you obtain x1*C in the notes)
State the definition of marginal product, MP, both as a mathematical definition and with your own words. What is the "law of diminishing marginal returns"? How has it been derived?
Familiar and identify the types of tangible capital in use. What causes changes in physical capital stock? What types of intangible capital do you think are in use?
A consumer has the following utility function: U(x1,x2)=ln(x1)+2*ln(x2), where ‘ln' stands for the natural logarithm. Reminder - the derivate of ln(x1).
Jobs are the key to economic progress. Unless we create more jobs, our standard of living will fall
Find an expression for the steady state value of capital per worker k* as a function of exogenous variables. Show your work
Worker safety a sign is being lowered over the side of a building at the rate of 2 ft/min. A worker handling a guide line is 7 ft away from a spot directly.
Suppose a firm is operating in a competitive market and is maximizing profit. What might you expect to happen to profit maximizing output quantity for the firm?
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