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The market consists of Allen and Bernard. Allen has the labor supply curve described in the following function:
w = 10 + 2hA, while Brenda has the following labor supply curve
w = 20 + 2hB. Note that we can rewrite the labor supply curves as
hA = 1(w−10) 2
hB = 1(w−20) 2
(a) What is Allen’s reservation wage? What is Bernard’s reservation wage?
(b) What is the market labor supply curve?
(c) Draw the market labor supply curve.
Why is that the pre-trade production points have a bearing on comparative costs under increasing cost conditions but not under conditions of constant costs?
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HoosierMaker expects to garner revenue of $9.5 million each year and spend $1.3 million a year in costs, over the next 7 years. What is the future worth of this investment if the companies' rate of return is 16% per year?
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