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Problem
1. What happens to the long-run demand curve for labor if the demand for the fir's output increases? What happens to the long-run demand curve for labor if the price of capital increases? Decompose the changes into scale and substitution effects.
2. Union A wants to represent workers in a firm that hires 20,000 workers when the wage rate is $4 and hires 10,000 workers when the wage rate is $5. Union B wants to represent workers in a firm that hires 30,000 workers when the wage rate is $6 and hires 33,000 workers when the wage rate is $5. Which union would be more successful in an organizing drive?
Draw the demand curve for a firm under perfect competition. Would the demand curve change when market price changes? Explain.
In the following graph, calculate the value of the slope if the price rises from $20 to $40.
Discuss whether firms in other market structures consider the potential reaction of competitors when making important marketing decisions.
Assume that the minimum wage has just been increased by 35%. Is the below true, false or uncertain. Explain with specific economic concept discussed in class.
Suppose that the resident of vegopia spend all of their income on cauliflower,broccoli and carrots. Calculate the price of each vegetable in each year.
Show, using Shorthand Economic Form, how you would calculate an equivalent uniform annual amount for cash flows of 800, 200 and 700 in years 1 -3 respectively with an annual interest rate, compounded annually, of 8% for year 0 – 1, 10% for year 1-2 a..
The accompanying graph (top of next page) summarizes the demand and costs for a firm that operates in a perfectly competitive market.
Compute the formula for Bob's indi erence curves by setting and compute Bob's MRS as a function of C and P
Suppose that the U.S. government decides to charge beer consumers a tax. Before the tax, 15 billion cases of beer were sold every year at a price of $7 per case. After the tax, 9 billion cases of beer are sold every year; consumers pay $10 per case (..
Suppose the labour market in the house cleaning industry in Quebec City can be described by the following demand and supply equations: LD = 400 - 10w and LS = 40 + 20w. Calculate the equilibrium wage and employment if the market is free.
The principle that all other factors being equal is added to a fixed supply of other resources, productivity will increase up to a point , after which the marginal product will diminish
Define globalization. Briefly outline the history of globalization to explain how globalization has evolved.
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