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a) Describe the factors that influence wage setting. Write down the equation that represents wage setting, describe the effect of each factor in the equation/function, and draw the corresponding diagram. Clearly state the assumptions behind your analysis.
b) Briefly describe the “efficiency wage” theory. Explain why a firm would want to pay a wage that is higher than the market wage rate. What theories can motivate such a practice?
c) The conventional (classical) labor market theory suggests that i) the wage rate adjusts smoothly so that labor supply equals labor demand; ii) wages are set competitively across markets; iii) there is no ‘involuntary’ unemployment (anyone who wishes to work can work). Does this reflect the reality in real economies? If not, explain why
Could differences across countries in population growth rates account for the persistence in income disparity across countries? Use the Solow growth model to address this question and discuss.
Construct a demand curve from individuals who value a Chipotle burrito with values {$12, 10, 9, 8, 8, 8, 7, 7, 6, 6, 5, 4, 3, 3, 3, 2, 2, 1}. Identify the optimal single price, and the associated quantity and profit if the marginal cost of production..
An increase in the uncertainty of the future profit stream of projects will (assume no wealth effect or other change in the investment decision rule, or shift in the production function)
What would be the expected value of a bond if the annual interest payment is $80.00, the bond matures in 4 years, the principal is $1,000, and the yield to maturity is 9%?
Assume that the market for wheat is perfect competitive, with demand curve P = 5000 ? 0.01QD and a supply curve P = 1+0.1QS. Each identical wheat producer has a total cost curve given by TC = 1+Q+Q2 , which results in marginal cost of MC = 1+2Q. What..
A war in the Middle East takes the most cost efficient oil fields out of production for several years. Describe what would happen to the oil market during the war. A tanker runs aground in Alaska, cutting off 5 percent of the world’s oil supply. At t..
Show graphically and explain why the imposition of a minimum wage results in both winner and losers in the labor market. On your graph identify the gains to the winners and the losses to the losers.
Your firm’s research department has estimated the income elasticity of demand for Art Deco lawn furniture to be -0.85. You have just learned that due to an upturn in the economy, consumer incomes are expected to rise by 5 percent next year. How will ..
A monopoly or oligopoly showing no economic profit or loss has
Suppose a bottle of French wine costs 70 francs. If the exchange rate moves from 6 francs /dollar to 7 francs / dollar, how much does the price of the wine change measured in dollars?
Imagine that you are part of the marketing management team at Home Plus, a regional discount big-box retailer who competes with Wal-Mart and Target. Home Plus currently focuses on offering a broad range of discount consumer goods, from small home fur..
Should there be an increase in regulation enacted to cause companies to better market their products and services? Why or why not? Provide an example to support your response.
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