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Consider the Hicks/A-J model of strikes. Suppose that the union resistance curve is W=5+.2s-.01s^2, where W is the percentage wage increase and S is the expected strike duration in days. The employer’s concession schedule depends on economic conditions—if conditions are good, the concession schedule is W=2.5+.2s, but if conditions are bad, the concession schedule is W=.8+.1s.
Find the expected strike duration and wage increase when economic conditions for the firm are good.
Find the expected strike duration and wage increase when economic conditions are bad.
Suppose that a mediator suggests to management and union leaders that future strikes could be avoided if the union uses the management’s initial wage offer as a signal of whether economic conditions are good or bad, and then both parties can negotiate with full information. Evaluate whether this mediator’s idea is likely to work in practice.
For a business to be organized, it must combine four kinds of resources. List and describe the four categories of business resources and then provide at least three examples Graeter's would likely use in each category.
As an economist working at the International Monetary Fund, you are given the following data for Brazil: predicted per capita GDP, relative to the United States, as given by y = k1/3, is 0.56, and total factor productivity is 0.36. What is the observ..
A consumer splits their income equally between two goods. If the price of one good increases by 10% and their income increases by 5%, show that the consumer's optimal consumption bundle will change despite them being able to afford their original ..
Is the Fed currently pursuing an expansionary, neutral, or contractionary monetary policy? What if any difficulties do you think may be encountered in implementing the current policy.
Over the business cycle,
Explain by how much did real GDP increase between 2002 and 2003. Velocity in the country of Shem is always stable.
Choose a product or service. How does price elasticity of demand for this product or service affect how it is priced? How does the availability of substitutes for this product or service affect price elasticity of demand? What is the difference betw..
Use the following graph showing two budget lines, LR and LZ to answer the following questions. The consumer’s income is $720.
Suppose banks keep no excess reserve and no individuals or firms hold on to cash. If someone suddenly discovers $12 million in buried treasure and deposits it in a bank, elucidate what will happen to the money supply if the required reserve is 10 ..
Consider the model of Gaynor & Town (2012) in which hospitals choose quality with a fixed price. Recall that the model begins with a demand specification, qj = sj (zj , z\j ) × D(¯p, zj , z\j ), where the hospital’s market share sj is a function of i..
Measles has become an epidemic here in Orange County. About 1 in 1000 people will die after contracting the disease. Because this is such a high rate, health officials in Orange County would be well advised to pay for anyone to get a vaccination.
Health insurance companies in a country decided to introduce pre-authorization review of hospital admissions, i.e., all hospital admissions must be pre-authorized and the health care provider must contact the insurance agency to get the approval to a..
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