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For a firm in the widget industry, X = 100L - L2; where X is the quantity of widgets produced, and L is the number of labor hours hired. The demand for this firm's output is perfectly elastic at a price of $1 per widget. The firm can hire equally productive labor from two identifiable groups, 1 and 2. The supplies of group-1 and group-2 labor to the firm are w1/4 - 1 and 3w2/4 - 3 hours, where w1 and w2 denote the wage rates (in dollars per hour) offered by the firm to labor from these groups, respectively.
A. First suppose that the firm is required to set w1 = w2, and calculate the value of these wage rates in equilibrium.
B. Next suppose that the firm is allowed to set w1 w2, and calculate the values of these wage rates in equilibrium.
The PC World article states that Intel needs to have their new class of fabrication plants (Fabs) produce at a specified volume. Show why this is the case using the concept of cost curves to describe firm behavior such as that found on page 206 of th..
Why do restaurants shut down at a certain hour of the day, say 10:00 p.m? Why do movie theatres still show movies that have just a handful of movie watchers? What is the difference between accounting profit, economic profit, and normal profit?
It is well known that Environmental problems are modeled as market failures using Public goods and externality theories. What are the conditions needed to use the Public good theory and what are the conditions to use the externality theory, please di..
Between early 2008 and the beginning of 2009, a gradual stock-market downturn and plummeting home prices generated a substantial reduction in U.S. household wealth that induced most U.S. residents to reduce their planned real spending at any given pr..
Explain why, when the price of good changes, the price elasticity of demand is likely to be higher or lower as a longer period of time elapses. Consider as an example the OPEC oil price increases in the 1970s.
A consumer receives income y in the current period, income y in the future period, and pays taxes t and t' in the current and future periods, respectively. The consumer can lend at real interest rate r. the consumer is given two options.
Suppose that you are a borrower with a project that has a rate of return of 6.8%. You submit a bid to borrow $1,000 at an interest rate of 5%, and a lender accepts your offer. After you fund your project and pay back your loan, what is your gain or l..
Illustrate what is relative PPP. Compute the current pound spot rate in dollar which would have been forecast by PPP.
Jon consumes only two goods: coffee and donuts. When the price of coffee falls, he buys the same amount of donuts and more coffee. Draw a indifference curve and Budget line diagram to illustrate Bob's pattern of consumption. What does this tell us ab..
Assume you just finished your third plateful of Thanks giving dinner also it yielded zero units of additional satisfaction.
Steve’s preferences for hamburgers (X) and chicken sandwiches (Y) can be represented by u(X,Y)=X 0.5Y 0.5. Graphically decompose the total effect of the price change into an income effect and substitution effect. Plot hamburger consumption on the hor..
One of the disadvantages of the joint venture market entry method is that it does not give the tight control over subsidiaries that it might need to realize experience curve or location economies. How do you solve this dilemma?
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