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The effort of a firm's workers depends on their real wage according to the following schedule.
Real Wage Effort (E)
16 10
17 13
18 18
19 22
20 25
21 26
The marginal product of labor is MPN = E(400 - 4N)/30.
(a) What is the efficiency wage?
(b) How many workers will the firm hire?
(c) Suppose an adverse productivity shock reduces the marginal product of labor to
MPN = E(360 - 4N)/30. How would your answers to parts (a) and (b) change?
Find the equilibrium level of interest rate. Find the equilibrium level of output. What variable does this relationship represent?
The National Collegiate Athletic Association (NCAA) does not allow its members to play against schools that the NCAA does not certify. Is this a good idea?
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W.V. Trees, Inc. has a debt-equity ratio of 1.4. Its WACC is 10 percent, and its pretax cost of debt is 9 percent. The corporate tax rate is 33 percent. What is the firm's unlevered cost of equity capital?
I think people would agree that the one most ubiquitous tool for welfare measurement in the economic literature and in economic education is the notion of total surplus. Throughout it's history, total surplus has been criticized several times and on ..
Do you think free agency increases competitive balance? Why or why not? Explain using economic concepts.
Suppose a representative firm with total costs given by the expression TC = 100 + 4q + q2 operates in a perfectly competitive market for avocadoes, where q is the quantity of avocadoes in bushels. What is the long run equilibrium price? What is the s..
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