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Assume that labor supply and labor demand are described by the following equation -labor supply: L=5w -labor demand: L=110-0.5w where w=wage expressed in dollars per hour, and L(s) and L(d) are expressed in millions of workers. a. find the equilibrium wage and the equilibrium level of employment. b. assume that there is a shock to the economy, such that the labor demand curve is now described by the equation: L(d)=55-0.5w If wages are flexible, what will be the new equilibrium wage and level of employment? show your work. c. Now assume that wages are rigid at the level you found in part (a). What will employment be at this wage? How many workers will be unemployed?
Which of the following events may decrease market labor demand? Choose all that apply.
An individual has an income of $1000 per month with which they buy the composite good with a price of $1 and food with a price of $2/unit of food. Draw the budget constraint for the individual with the composite good on the y-axis and food on the x-a..
Suppose that if you get contract, you estimate that you can win another project for two more units. Now what is your break-even price for those two units.
Suppose for an economic activity, your total benet and total cost functions are B (x ) = 654x - 40x2 and C (x ) = 110x +120x2 , respectively. The corresponding marginal formulas will be MB (x ) = 654 - 80x and MC (x ) = 110 + 240x . What is your best..
What are the main factors that determine exchange rates? Why are exchange rates so volatile?
Consider a market where demand is d:p=24-Q and supply is s:p=2+Q. impose a specific tax t= $2 on each unit sold in the above market.
Explain why perfect personalized pricing is typically more profitable than menu pricing.
Illustrate what can you infer about the expected changew in the exchange rate between the Canadian dollare and the U.S. dollar.
Explain how “Black Markets” impact economic actives: Please explain in detail and use a supply and demand graph for your examples
Stan Money maker has been shopping for a new car. He is interested in a certain 4-cylinder sedan that averages 28mpg. But the sales-person tried to persuade Stan that the 6-cylinder model of the same automobile only costs $2500 more and is a better v..
Describe the concept of derived demand. Discuss the link between derived demand and unemployment by providing an example from our economy.
According to the BLS, the CPI rose 3.8% in August of this year compared to a year earlier. Food prices rose 4.6% and clothing prices were up 4.2%, while new car prices rose 3.8%, and medical care was up 3.2%. What percentage change in the CPI up unti..
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