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Consider an economy where, consumer’s utility function is given as U(C,L)=C-(1/2)L2 . Where C is consumption and L is labor. The production technology is Y=(1.6)L-(1/2)L2. The turnover cost per labor is (0.36)/(w/p)
a) What happens to t as real wage increases? Give a clear intuition
b) What happens to t as labor increases? Give a clear intuition
c) Write down the firm’s maximization problem and solve it. Find real wage, labor.
d) Write down consumer maximization problem and solve it. Derive labor supply curve
Today, the Federal Reserve announced that it is reducing the discount rate by 0.5%. How would you expect this announcement to affect the value of your bond?
demand for a good can be characterized by p 100 - q. there are two firms firm 1 and firm 2. they have identical cost
Calculate the slope of the AE curve and the size of the multiplier if MPS = 0.20. Then, calculate the revised slope of the AE curve and the multiplier when you know that the imports and the marginal tax rate will reduce the slope of the AE curve by a..
how can two countries both be better off as a result of trade? how can tariffs protect u.s. jobs? do tariffs lead to a
Write a paper analyzing different approaches
Use appropriate assumptions where required. These may help you to simplify any complexity. Selecting appropriate assumptions in economics is
An analysis of budget line items, costs, sources of revenue, and deficits
Indicate whether each of the following statements is true or false and explain why. a) A competitive firm that is incurring a loss should immediately cease operations.
Movies are distributed in a variety of forms, not just first run theatrical presentations. What other ways are movies distributed? What are the different price points?
Canadian firms that buy machinery and equipment from US suppliers c.cross border shoppers from Canada who shop for goods in the US retired Canadians who live in Arizona and Florida during the winter months
The invisible hand principle, as developed by Adam Smith in The Wealth of Nations, states that A) government control over economic activity is essential for the talents of individuals to be directed toward their highest valued use. B) the economic ..
If "excess profits" are taxed away, where will oil companies get the money to fund new exploration and development of oil properties? Does it matter if these price increases are demand or supply induced?
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