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Draw a graph of the aggregate labor market in equilibrium. Then consider each of the following scenarios. In each case, show the effect on the market and explain what will happen to the real wage and the equilibrium quantity of labor.
a. A technological change occurs that increases the productivity of all workers.
b. The government increases income tax rates.
c. Worker preferences change so that they prefer consumption of market goods to consumption of leisure.
d. The government reduces payroll taxes firms pay when they hire workers.
What effect should each of the following have on the demand for gasoline in a competitive market? State what happens to demand. Explain your reasoning in each case and relate it to a demand determinant. (a) an increase in the number of cars (b) ..
Calculate the change in deadweight loss if the U.S. replaces a prohibitive tariff per unit on imported wine by an equal production subsidy per unit of wine sold by U.S. producers.
Define depository institution, and discuss types of depository institutions are found in the U.S. and how do they act as intermediaries between savers and borrowers?
Determine the least cost size and number of the milk processing plant using the equation and Derive the marginal cost for the two products 1&2 and show that it is a constant.
Analyze the process of forecasting foreign-exchange rates and create a short list of best practices. Explain your rationale for selecting the practices you did.
The expected returns earned from investment in the stock of two companies, Company A and Company B, are shown in the following table. Use the table to complete parts (a) through (e) below.
Suppose a bar's constant marginal cost per beer is $3.60 and it was making 40 cents per beer in variable profit without the tax. What is the profit per beer with the tax? Intuitively, why has the bar's profit fallen by more - in percentage term..
Merchant banking refers to:Banking services that are only available to retail merchants.Banking services that are only available to business but not the general public.
Describe how the market for corn would be influenced if ethanol, a corn derivative was used to fuel cars in US. How would market be influenced if a new technology caused corn farming to be more efficient?
Institutional economics, especially applied to metropolitan areas, highlight problems with human capital theory and help us better understand wage differentials. Explain factors that shape wage differentials by metropolitan areas.
Lawn mowing services are supplied by host of individuals in suburb of Westbrook. Demand and supply conditions in the perfectly competitive domestic for lawn mowing services are:
Determine the price elasticity, and income elasticity of demand and where Q denotes passengers in thousands per year, P the (average) ticket price, and I US national income.
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