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Wage Differentials Using the economic concepts that explain differences in wages, discuss any three of the following points. Post your response to each of the three points separately. Why does a chief executive earn more than a rocket scientist working for NASA? Why does a teacher earn less than a firefighter? Why does a union electrician earn less than a non-union electrician? Why does a white male earn more than a white female with the same level of education? Why does a movie actress like Angelina Jolie earn more than a movie actress from the 1940s?
Illustrate what are the opportunity costs for the manager of being in this business relative to returning to his old job. What is the economic profit of the business.
Illustrate what is the efficient price of water. Illustrate what are the quantities of water allocated to agricultural also industrial use.
Elucidate what will happen to the equilibrium price and quantity of pizzas sold and why (which curve has changed) for each of the following situations:
Compute the optimal pricing scheme of the iphone, Assume which there are equal numbers of every customer type.
Assume your elasticity of demand for your parking spaces is -0.5 and price is $20 every day. If your MC is 0 and your capacity at 9 a.m. is 96% full over the last month are you optimizing.
Prepare a recommendation for each company. Should your recommendations be the same for both companies
Assume bad wear in Florida ruins much of orange crop. Illustrate what happens to consumer surplus into market for oranges.
In the first half of the report you introduce ideas, then in the second half of the report you will discuss and evaluate these ideas to identify what is most important.
Elucidate how a firm's production function is related to its marginal product of labor, how a firm's marginal product of labor is related to the value of its marginal product.
Elucidate the reason Explain why a competitive firm should stop producing immediately if the price is lower than the average variable cost.
What are the strength of the neoclassical models of labor supply and labor demand. What are the weakness of the neoclassical models of labor supply and labor demand.
Calculate the cross-price elasticity of demand. Given the elasticity you calculated, did it make sense for supermarket to raise its price.
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