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Unemployment: Suppose that there are 500 workers in the economy and the labor demand function is given by: LD = 1000 − 10 W P (a) Find the equilibrium real wage. (b) Suppose that Congress institutes a minimum real wage of $40 per hour. Find the level of unemployment and the real wage that will exist in this market. (c) Suppose that Congress institutes a minimum real wage of $60 per hour. Find the level of unemployment and the real wage that will exist in this market.
assume yn 11600 t0.2 and g 2610.a calculate the amount of taxes at natural real gdp.b clarify why there is a natural
“Devoting a larger share of national output to investment would help restore rapid productivity growth and rising living standards.” Do you agree with this claim? Explain.
An excise tax of $2.00 per pound of sugar placed on the suppliers of sugar would shift the supply curve:
Given the production function Y = A and fixed values for the saving rate and depreciation, if productivity is growing at an average rate of three percent, and the labor input grows at two percent, there is a unique growth rate of capital that is sust..
Workers make the supply decisions in labor markets, but firms (represented by hiring managers) make the demand decisions. Will firms want to hire more workers or fewer workers when the wage rate rises? What are some techniques employers can use to ..
A monopolist estimated that the own-price elasticity of demand for its product is -4.5 and its advertising elasticity of demand is 1.5. Assuming these elasticities are constant, what fraction of the firm's revenues should the firm "reinvest" in adver..
What can be said about the benefits and problems of each dimension (economic, cultural, political and environmental) of globalization? Is globalization a positive force overall? Why or why not?
Classify each of the following statements as positive or normative. Explain. Society faces a short-run trade-off between inflation and unemployment. a reduction in the rate of money growth will reduce the rate of inflation. The Federal Reserve should..
The demand for bread will fall if more Americans go on a low diet. The cost of bread will fall due to the decrease in the demand for bread.
Explain the relevant importance of debt vs. equity financing and the reasons for the mass-media preoccupation with equity markets. Explain the relevant importance of marketable securities vs. non-marketable securities. Explain the relative importance..
Economists have often found that purchasing power parity gives a closer approximation to reality during periods of very high inflation than during "normal" times. can you provide an explanation for why this might be so?
In April 1995, Michel Camdessus, managing director of the International Monetary Fund (IMF), criticized U.S. economic policy for allowing the dollar exchange rate to fall too low. He recommended that the United States reduce its budget deficit in ord..
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