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Suppose that the foreign worker ($100) makes 1/3 the wage of the US worker ($300). However, suppose that the US worker is four times more productive than the foreign worker. Who should we hire? So the US worker would cost $300. To get the same amount of output from the foreign workers, we would need to hire four of them ($400). Thus, it is better to hire the more expensive US worker, because the US worker isn't really more expensive when we compare the cost to the output. So one way the foreign workers can get the job is to lower their wages even more. And if they do that, then the US worker could raise his productivity to get the job.
A monopolist with total cost function T C = 30Q + Q^2 is facing a market demand given by P = 150 − Q. a) What is the optimal quantity and price the monopolist will set on this market? (Q=30, P=120) b) What quantity and price would this firm set if it..
For both of the following utility functions, draw the indifference curves for the indicated utility levels, including at least three consumption bundles on each. Derive the formula for the marginal rate of substitution for each of the people in part ..
Illustrate what is your opinion of the restaurateur's decisions. Would you recommend that she accept the $66,000 offer.
In America, we are able to produce about everything we consume, but we don't. Several decades ago, the US was a manufacturing economy.
We are studying Aggregate Demand and Aggregate Supply, I need help with the below. What is aggregate demand?
What is the z-score they will need for their confidence interval?
What are the characteristics of a "public good"? Why is it difficult for a private company to provide a public good?
The GenaCam Stores have two branches. Advertising is a major component of Cost of Goods Sold for each store. You have information on the range of advertising expenditures over a long period of time for each group of stores. Which of the two stores ha..
"To sum up: politically speaking, it is insufficient to say that power and violence are not the same. Power and violence are opposites; where the one rules absolutely, the other is absent. Violence appears where power is in jeopardy, but left to its ..
Please discuss who wins and who loses ever since the Certificate of Need (CON) legislation has been enacted to restrict the addition of any new hospital beds, such as beds for cardiac care.
Given the following payoff matrix, (a) indicate the best strategy for each firm. (b) Why is the entry-deterrent threat by firm A to lower the price not credible to firm B? (c) What could firm A do to make its threat credible without building exces..
Decision makers expect a 6% increase in the money supply; the actual increase is 3%.What is the current price level?
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