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Suppose the cost of acquiring a skill increases and the value of marginal product of skill increases. Draw demand-supply graphs of the labor markets for high-skilled and low-skilled labor to explain what happens to the equilibrium wage rate of low-skilled labor, the equilibrium wage rate of highskilled labor, and the number of high-skilled workers employed.
(Case Study: Discretionary Fiscal Policy and Presidential Elections) Suppose that fiscal policy changes output faster than it changes the price level. How might such timing play a role in the theory of political business cycles?
Consider two economies, both in recession. In the first economy, all workers have longterm contracts that guarantee high wages for the next five years.
Howard Bowen is a large-scale cotton farmer. The land and machinery that he owns has a current market value of $4 million. Bowen owes his local bank $3 million. Last year Bowen sold $5 million worth of cotton. His variable operating costs were $4...
In a competitive market, the market-determined price is $60. For a typical firm producing 100 units of output, short-run marginal cost is constant at $65, average total cost is $95, and average fixed cost is $30. Is this firm making the profit-max..
To get a gallonof sunscreen the people of Sunland are willingto give up 5 lbs of food if they have 25 galons of sunscreen, 2 lbsof food if they have 75 gallons of sunscreen, and 1 lb of food ifthey have 125 gallons of suncreen.
Assume that utility is U = log(x) + log(1 - ). Calculate the labor supply function. Explain the form of this function by calculating the income and substitution e¤ects of a wage increase.
Briefly discuss whether you consider this system to be a good one. Is your conclusion an example of normative economics or of positive economics? Briefly explain.
In the linear breakeven model, the relevant range of output is that range where the linearity assumptions of the model are assumed to hold.
Suppose economists observe that an increase in government spending of $10 billion raises the total demand for goods and services by $30 billion. (a) If these economists ignore the possibility of crowding out
Suppose that a risk-averse decision maker faces a choice of two lotteries, 1 and 2. The lotteries have the same expected value, but Lottery 1 has a higher variance than Lottery 2. What lottery would a risk-averse decision maker prefer?
Solve for the growth rate of consumption as a function of α and graph for various values of α. What is the effect of increasing α? Comment on your findings.
Provide some examples of Fed actions that could be harmful and of the damage that could be done. How can the Fed help the economy? Provide examples
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