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1. Assume two inputs, K and L. Illustrate the following cases with two graphs:
(1) the substitution effect on labor hired due to a wage increase is zero.
(2) the scale effect on labor hired due to a wage increase is zero.
2. Assume two inputs, K and L. Illustrate the following cases with two graphs:
(1) Draw the VMPL and VAPL curves for the case of a perfect-complements production function,
Q = min(K,L).
As per what circumstances would the net welfare loss from an import quota exceed the net welfare loss from an equivalent tariff.
Explain why should you, as a future employe, be concerned about the downward trend in labor productivity increases that have been observed since the early 1970s.
Does the fact that your bank keeps only a fraction of your account balance in reserve make you uncomfortable? Why do not people rush to bank and retrieve their money?
Assume a continuous-time solow growth model with no technical progress. The economy is closed and there is no government sector. Labor supply is given by L_t = e^nt, n>0. The average propensity to save out of GDP is s,, with 0
If the marginal propensity to consume in a municipality is 0.8, what is the value of the simple multiplier? If a new stadium in an ew consumption expenditures is built, what is the impact on the economy based on the multiplier? Suppose the marginal p..
Assume that the economy starts in steady state. According to the Solow growth model, how would each of the following affect consumption per worker in the long run, Explain?
Assume that the required reserve ratio is 10%. If the Federal Reserve buys a $10,000 government bond from an individual in the economy, what is the initial effect on the money supply. What is the ultimate effect on the money supply
Beasley World Industries has a division that makes air conditioners. They face a three-year deadline to eliminate their current technology due to the chilling technique they use. There is a near-term solution that may be done (1) and a longer-term..
Illustrate which loan carries the lower effective rate. Consider fees to be the equivalent of other interest.
Firm A produces three products. Firm A uses labor costs as a cost driver for support costs. Direct labor is estimated at $20 per hour.
Write a 700- to 1,050-word paper in APA format describing the effects of taxation and price controls on the economy.
A symetric information can have deleterious effects on market outcomes. Discuss a few tactics that managers can use to overcome these problems.
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