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1) The Airline Pilots Association has always been regarded as one of the most successful unions in raising the wages of its members; the International Ladies Garment Workers Union, on the other hand, has had only limited success in raising wages. a. Use at least three of Marshall’s rules of derived demand to explain this difference. Suppose that U.S. laws are changed so that foreign airlines are allowed to fly domestic routes. What is the likely effect of this change on the elasticity of demand for pilots represented by the Airline Pilots Association? Which of Marshall’s rules does this involve? Explain. 2) Assume that other things being equal, unions are more likely to attract workers when the elasticity of labor demand is small. What if you knew that in Firm A the quantity of labor demanded is 15,000 when the wage is $11 and 17,000 when the wage is $8, while at firm B the quantity of demanded for labor is 20,000 when the wage is $12 and 30,000 when the wage is $11. Which firm is more likely to be organized by the union?
Using the concept of net present value also opportunity cost, explain when it is rational for an individual to pursue
positive levels of output and are zero if the monopolist shuts down. If current output level is 5, illustrate what should the monopolist do to increase profits.
Illustrate what would be effect of policy described in part (c) on economy's stability over business cycle.
If consumption and government purchases go up, what happens to GDP in the long run. Show this graphically.
Illustrate what does the area EBCD represent. Provide a full explanation of the concept that is shown in that area.
If capital gains tax is on nominal gains, Explain how much tax Sally pays on her gain. Calculate Kelly's capital gains if tax is on real gains.
What plant size will the firm choose in producing. Draw the firm's long-run average-cost curve on the diagram and define this curve.
f the money supply is Ms1 and the goal of the monetary authorities is full-employment output Qf, they should:
Compare and contrast the facility costs of VectorCal and the US Government. Determine at least two advantages for using facility costs for both VectorCal and the US Government. Explain your rationale. "Procedures of FCCOM".
the mainstream theory of the business cycle, is the most common source of reciession: a decrease in aggregate demand, a decrease in aggregate supply, or both.
if the demand for labor is elastic because the demand for labor will decrease more when you have elastic demand than if demand were inelastic.
At this level of pollution, what is the marginal cost of pollution control.
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