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Suppose the supply of labor is given by LS = 10w , where LS is the quantity of in millions of persons employed each year, and w is the wage rate in dollars per hour. The demand for labor is given by LD = 80 - 10w .
(a) What will be the free-market wage rate and employment level? Suppose the government sets a minimum wage of $5 per hour. How many people would then be employed?
(b) Suppose that instead of a minimum wage, the government pays a subsidy of $1 per hour for each employee. What will the total level of employment be now? What will the equilibrium wage rate be?
wo companies A also B are duopolists who produce identical products. Determine the long run equilibrium output also selling price for each firm.
Select a news article dated within the previous two months and analyze the issue using the economic concepts and theory learned in this class. Include at least one graph developed in our course.
Elucidate what happen in the short run to market supply and demand curves, market price, the firm's output, the firm's profit.
Find the quantity that maximizes the profit of the monopolist, the profit of the monopolist and the corresponding domestic and international price.
Describe the least cost combination of L and K when output is produced at the rate of 1,000 tons per day. Determine the required outlay for 1,000 tons per day.
Suppose the city eliminates its restrictions on books stores, allowing additional stores to enter the marketplace.
q.according to the rule of most favorable input usage a firm should hire a person as long as her marginal revenue
q1. you have a part-time work-study job at the library that pays 10 per hour 3 hours per day on saturdays and sundays.
The volatility of the present floating exchange rate regime presents a conundrum for international business. Exchange rate movements are difficult to predict and yet their movements can have a major impact on the competitive position of business. Wha..
q1. suppose that the terms of trade of a nation improved from 100 to 110 over a given period of time.a by how much did
One of the major reasons that foreign expatriates have difficulty doing business in the United States is that they do not understand American slang. A business executive recently gave the authors the following three examples of statements that had no..
Copiers cost about twice as much as workers. Would you recommend they hire another employee or buy another copier?
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