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A firm’s labor demand and labor supply equations are shown below.
Labor demand equation: Ld = 70 – 6(w)
Labor supply equation: Ls = -20 + 12(w),
where w is the wage per hour worked.
Instructions: Round your answers to the nearest whole number.
a. The equilibrium wage is $______ and the equilibrium quantity of labor employed is_____ people.
b. The workers, thinking that their wages are too low, decide to strike. After tense negotiations, the firm decides to raise the wage by 20 percent.
After the wage increase,______ people are unemployed.
With regard to global warming policy, describe, in a short paragraph, the importance of: Discounted costs and benefits. Public goods.
Tim is offered two gambles. With gamble A, he either gains $2 or loses $1 with a 50 percent probability. With gamble B, he either gains $3 or loses $2 with a 50 percent probability. Tim prefers gamble B to gamble A. What can we conclude?
Price elasticity of demand is an important tool for managers in a selling environment in decision what to put on sale. Discuss how managers of over the counter health care products could use the concepts of elasticity to maximize profit.
Which of the following is the primary disadvantage of producing inputs within a firm?
Suppose the level of technology is constant. Then it jumps to a new, higher constant level. How does this technological jump affect output per capita/person, holding the capital-labor ratio constant?
Your mutual fund increased in value from $10 to $40 over the last 15 years. Illustrate what was the average annual return with continuous compounding for the mutual fund over the 15 year period.
The Delphi method used for forecasting:
Leslie works 35 hours a week at a wage of $20. Thus, her total weekly income is $700. On this income, she pays total taxes of $49. However, she calculates that on the last hour that she works, she pays $5. Leslie's average tax rate is what?
Demand-pull inflation occurs when:
You are running a company that is owned by stockholders. Your goal is to maximize shareholder value. Explain how each of the following events is likely to affect shareholder value and identify uncertainties related to their effects.
Which of the following best describes the concept of laissez-faire?
Calculate the inventory value of the units unsold in the has well as of the consignee.
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