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An economy has the following cobb-douglas production function: Y=K1/3L2/3. The economy has 1000 units of capital and a laor force of 1000 workers.
a). Derive the equation describing labor demand in this economy as a function of the real wage and capital stock.
b) If the real wage can adjust to equilibrate labor supply and labor demand, what's the real wage. At this equilibrium what are output,employment, and the total wage of workers??
c) If congress passes a law requiring firms to pay workers a real wage of 1 unit of output. How does this wage compare to equilibrium wage?
d) congress cannot dictate ow many workers firms hire at the mandated wage.given this fact, what are the effects of this law? What happens to employment, output, and total income of workers?
e) will congress succeed in its goal of helping the working class?explain.
An excise tax of $1.00 per gallon of gasoline placed on the suppliers of gasoline in a market with downward sloping demand and upward sloping supply would raise the equilibrium price. a exactly $1.00 per gallon.
Discuss how organizational architecture and corporate culture are related. Use an example of a real-life firm and discuss how its corporate culture blends with its organizational architecture.
Explain the law of demand. Why does a demand curve slope downwards? Distinguish between a change in demand and a change in quantity demanded.
For each of the following state whether you would make an aggregate demand or aggregate supply diagram and forecast what shift each condition would cause in the AS or AD curve and why so.
Real GDP equals 5000, nominal GDP equals 10,000 and the price level equals 2, then what is velocity if the money stock equals 2000?
How might a country's regulatory environment impact a firm's international strategy? 3. How do the international strategies affect the trade-offs managers must make between local responsiveness and global efficiency?
How does the existence of money reduce the costs of making transactions ,relative to a society based entirely on barter. English is becoming the usual language for international transactions, even if the language of neither country is English.How ..
Suppose the price of housing stays at 2 and the price of food stays at 10. What will happen to her budget constraint if her income increase to 100? What happens to her budget constraint when her income decreases to $20.
Define the factor that estimate the slope of the LM curve and whether an increase in theses factor will make the curve flatter or steeper.
Find the expected value of X. Show your work and find the variance of X. Show your work and calculate the cumulative distribution function
Explain how this tax or subsidy would achieve the socially efficient level of output. Among the various interested parties - the monopoly firm, the monopoly's consumers, and other taxpayers - who would support the policy and who would oppose it?
Now suppose the two doctors play this game twice. Also, suppose each doctor can play one of two strategies: it can play either "always charge the low price" or "tit for tat"- that is, it starts off charging the high price in the first period
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