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Suppose that an increase in the equilibrium compensating wage differential between risk jobs and safe jobs has been observed. Two reasons for this change have been suggested:
(1) it is now more costly for firms to create safe working conditions and
(2) there is a government advertising campaign that alters preferences, thereby convincing workers to require more compensation to take onrisk.Using supply and demand diagrams, show how each of the two developments can explain the increase in the compensating wage differential. Can information on the number of workers in the risky occupation help determine which explanation is more plausible?
What are the basic concepts that are key components of Gary Becker's "Theory of the Allocation of Time". That is, in words, what are the key elements of this approach In addition, what are the theoretical implications of this approach
The marginal revenue is $3.00. What is the short-run and long-run condition for the monopolist and what output changes would you recommend?
A monopoly firm is different from a competitive firm in that: there are many substitutes for a monopolist's product while there are no substitutes for a competitive firm's product. a monopolist's demand curve is perfectly inelastic while a competiti..
Marginal propensity: 0.63 - 0.76 what is expenditure multiplier? wil increase from __ to _____ and if multiplier increases, everything else equal. changein expend. will raise aggreg. ependiture to a [larger,smaller,same] amount
Describe the process by which the competitive market establishes a price at which all firms are just earning normal profits.
You are the manager of a firm that sells its product in a competitive market at a price of $50. Your firm's cost function is C = 40 + 5Q^2. Your firm's maximum profits are: A. 125, B. 250, C. 100, D. 85 6. A perfectly competitive firm faces:
The Social Responsibility of Business Is to Increase its Profits
Bob is the company's best hourly worker, but his boss knows that Bob wishes to spend more time with his kids at home. Bob's boss gives Bob a huge increase in his hourly pay hoping to entice him to work more hours.
The perfectly competitive company takes the equilibrium value set through the market and maximizes profit through manufacturing where price, which also equals marginal revenue, is equal to marginal cost.
A firm can produce steel with or without a filter on its smokestack. If it produces without a filter, the external costs on the community are $500,000 per year. If it produces with a filter, there are no external costs on the community, and the fi..
Assume that you get a summer intern job and a recession start while you are there. Prepare a memo to your boss, who is a member of Congress,
There are two goods, Cloth and Food, and two factors of production, labour and capital. Suppose that the production function for each good is "homothetic".
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