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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
(e) Find real wage, employment, output and unemployment in this economy.
(f) Illustrate the solution graphically using Labor Supply / Labor Demand and Production Function diagrams.
When the work was complete, Chuckrow paid Gough the original contract price but refutilized to pay him for the additional cost of reerecting the trusses.
Using IS-LM analysis show graphically and explain how a liquidity trap affects the Fed’s ability to use conventional monetary policy to affect short-run interest rates and output.
Top Inc. is interested in developing a new toy. The toys will sell for $25 each and they plan to sell 10 million toys at the end of each year for 4 years. Variable costs are $20 per toy; fixed costs are $10,000,000 per year. If the cost of capital is..
Why would a US company choose to export a product to India rather than license India the right to produce the product locally
q1. if consumption increases by 12 billion when real disposable income increases by 15 billion what is the value of the
Assume a per-unit tax of $2.00 is levied on the producers of Gadgets. Illustrate what is the after-tax market equilibrium price and quantity.
q.the small city of le locle has been served by the same local newspaper for the last 30 years called the le locle
Suppose you have three indivisible assets, A, B and C with internal rates of return 2%, 5% and 10% respectively and initial costs of $1, $4, $5. Suppose you have $8.0 at 1% and can borrow at 8%. What is the incremental cost of funds on asset B?
why do points on a utility possibility curve represent efficient allocations of resources? why must the utility
Mustard and mayonnaise are substitutes. Mustard and relish are complements. Mustard is a normal good. During the summer, about 50% of all mustard was recalled by manufacturers and removed from store shelves.
Explain the relationship among the bowed out shape of the production possibilities frontier and the increasing opportunity cost of a good as more of it is produced.
Which organization has a bigger markup. Explicate. Which organization has the bigger incentive for careful quality control
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