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Suppose in country Triniland employers are required to pay overtime at 50% above the normal wage rate for workers who work beyond 8 hours a day.
Use your diagrams in (a) and (b) to analyze and show graphically the change in work incentive facing workers who were working overtime (more than 8 hours) before this new law. You may use the same graph as in (a) and (b). (Note you must tell me what happens to work and leisure hours after the law change).
Describe how a change in investment can have big impact on GDP causing a nationwide slump. Recall that investment is "small" relative to the entire economy.
What price and quantity will the monopolist produce at if marginal cost is a constant$4 ? Compute the dead weight loss from having the monopolist produce, rather than the perfect competitor
Taxi fares in New York recently were increased by nearly 50%. Predict the effect on the price of taxicab medallions, the earnings of taxicab drivers and congestion in New York streets.
What were some of causes of stagflation of 1973 and 1979? In what ways were these episodes of stagflation different from great depression of the 1930s?
Discuss how a change in price affects total expenditure by filling in each cell with resulting change in total expenditure.
Assume the airline industry consisted of only 2 firms: American and Texas Air Corp. Let the two firms have identical cost functions, C(q) = 40q. Suppose the demand curve for industry is given by P = 100 - Q and that each firm expects the other to ..
Describe the law of diminishing returns. Then discuss why you agree or disagree with following statements.
The questions posed are broad and open ended so be careful to allow yourself enough research and planning time.
Describe the effects of monetary policies on the economy's production and employment.
Assume you hire a furloughed Wall Street analyst to aid you examine your production process, and she uses your historical cost records to estimate that your total cost function is C(Q) = 100 + 2Q + 3.5Q2. Using this equation, answer the following ..
Problem on standard deviation
Fill in the table indicating whether the new Each row and column heading describes a shock to a market initially in equilibrium. Fill in the table indicating whether the new equilibrium price and quantity will increase, decrease, or not change.
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