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1. Using the marginal productivity theory of labor demand to forecast the impact on the company's employment level of following events. Describe why the change in employment occurs and show it in a graph.
a) A decrease in the wage rate.b) An increase in the demand for the firm's productc) A lower tariff on imported goodsd) The conversion of the firm from a perfectly competitive firm to a monopolistically competitive firm
2. State whether items a - d are true, false, or uncertain, and briefly explain why.
a) Diminishing marginal productivity of labor begins when the total product curve reaches a peak and then declinesb) If the labor demand curve is inelastic, lowering the wage rate will result in a decrease in the firm's wage billc) Since skilled workers are paid a higher wage than the less skilled, the firm has an incentive to lay off the skilled workers first during a recessiond) Whether or not a college student had been elected to office in the student government is a useful screening device for employers.
Determine the price elasticity of demand for a resource. Why is it important and what is it used for.
Both Market A and B have the same demand curve of Qd = 400 - 20 Pd where Pd is the price customers pay and Qd is the quantity demanded.
The economy has seen unemployment rate raise from 6% to 9.5%, the inflation rate decrease from 2.8% to 1.2%, and there has been a 24% decline in consumer spending and a 45% decline in investment spending in the same time period.
Describe the implications of this economic forecast and the income elasticity of demand for the pricing strategy.
Explain why the Fed must normally add reserves to the banking system via open market operations, on most days, in order to maintain its interest rate target in the federal funds market.
Suppose that two companies are duopolists that produce identical products. Demand for the products is given by following linear demand function:
Explain how are people worse off when the price level rises as fast as their incomes
Illustrate what value for r is optimal for the seller, and what then is the seller's expected profit.
Explain why would Pepsi agree to pay such a fee. What would likely happen if there were no pouring rights on campus.
Compute the abnormal return of Stock Z if the market price is $13.68, the risk-free rate is 4 percent, the return on the marketplace portfolio is 10 percent.
Elucidate how OPEC would determine the price of oil and the level of output produced by the cartel. How would OPEC's price and output be affected by new discoveries of oil.
In a speech, Professor Gregory Mankiw contends that our elected federal leaders should raise the gasoline tax. Not quickly, but substantially.
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