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Labor Economics explained in this solution
Suppose that that marginal revenue and marginal cost of job search are MR=50 - 1.5w and MC = 5 + w.
(i) What is the worker's asking wage?
(ii) Would the worker accept a $15 wage offer?
(iii) Would anything change if unemployment benefits were reduced such that the y-intercept of the MC curve increased four-fold. Show graphically.
Illustrate what effect a contractionary fiscal policy have on the price level and real GDP.
skills are required for current also future employees to possess for the organization to be successful
Providing the current situation with General Motors, our team is recommending that they (GM) reduce their current operations in order to maximize profits.
Rachel utility function is given by U= I 1/2 , where I represents annual income in thousands of dollars. Assume Rachel is currently earning income of $23,000 (I =23) and can earn that income next year with certainty.
A monopolist has a constant marginal and average cost of $10 and faces a demand curve of Q D = 1000 - 10P. Compute the monopolist's profit-maximizing quantity, price, and profit.
Suppose a monopolist with cost function C (Q) = 3Q selling to 2 segments of consumers where Q is total output produced by the monopolist in both markets. If the monopolist can use a single two-part tariff, compute the two part tariff that will maxim..
Estimation of sales from multiple regression models - figuring out the own price elasticity of demand and cross price elasticity of demand - the relevant business decision to increase the total revenue.
Describe a long-term contract shoeing all necessary steps that the current supplier can offer the buyer that will be attractive to the buyer and will also strengthen the incumbent's monopoly power.
The law of comparative advantage recommends that countries specialize in those products in which they have a comparative advantage, not an absolute advantage.
Describe the major difference between the law of demand and the law of supply. Consider the supply and demand schedules below.
Illustrate what would you like to see done by the Federal government which would be of help to your organization
Illustrate and explain the interaction of households, businesses, government and global markets in the circular flow of economic activity.
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