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Suppose that the labor market is segmented into two industries: SlowGo and HiTek. Initially, both markets are in equilibrium and the same real wage clears in both markets. Managers learn the GWMacro consulting team about efficiency wages.
a. Define Efficiency wagesb. Why might a firm like HiTek want to pay efficiency wages?c. If they started to do so, what would happen to their mark-up and profits?d. What do you think would happen to employment and unemployment in the economy?
What is the difference between supply-side and demand-side economics? How do the above concepts fit into these definitions? Which do you agree with most as a solution to stimulating growth, and why?
Identify two instances in the case study in which employees at Goodrich succumbed to the pressures of conformity. Consider the level at which both groupthink and diffusion of responsibility affected the actions of those involved in the A7D affair,..
I need help with identifying 5-realistic and important factors that will contribute to a successful United State economic recovery over the next 5-years.
Illustrate what happens to the supply curve and the equilibrium point when a new technology improves a production process.
The Law of Demand states that the demand for a product is inversely related to the price of such product. Therefore, the demand for a product is considered downward sloping. This implies that quantity demanded increases when price decreases. Is th..
Wilpen Company, a price-setting firm, produces nearly 80 percent of all tennis balls purchased in the United States.
Illustrate what is the major pros of the real GDP measure. Construct a price index giving all products equal weight.
Do comparision with the economics of the two following service producing alternatives.
The real and financial frameworks, that Ireland's unemployment rate will remain stubbornly high over the coming years, perhaps falling somewhat only through rising emigration.
Suppose a production function is given by f(K;L) = KL 2 What combination of labour and capital minimizes the cost of producing any given output?
A country has the per-worker production function, y=5k^1/2, where y is the output per worker and k is the capital- labor ratio. The depreciation rate is 0.15 and the population growth rate is 0.05. The saving function s=0.2Y wh..
During the 1980s and 1990s, the United States experienced a significant inflow of capital from other countries. For example, Toyota, BMW, and other foreign car companies built auto plants in the United States.
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