Illustrate what happens to employment output

Assignment Help Business Economics
Reference no: EM1367655

Q. A. If real wage can adjust to equilibrate labour supply and labour demand, illustrate what is real wage? In this equilibrium, illustrate what are employment, output and total amount earned by workers?

B. Now Assume that Congress, concerned about welfare of working class, passes a law requiring industries to pay workers a real wage of 1 unit of output. How does this wage compare to equilibrium wage?

C. Congress cannot dictate how many workers industries hire at mandated wage. Given this fact, Illustrate what are effects of this law? Specifically, illustrate what happens to employment, output and total amount earned by workers?

D. Will Congress succeed in its goal of helping working class?

Q. An economy produces final goods and services with a market value of $5,000 billion in a given year, however only $4,500 billion worth of goods and services is sold to domestic or foreign buyers. Is this nation's GDP $5,000 billion or $4,500 billion? Elucidate your answer.

Reference no: EM1367655

Questions Cloud

Examine advantages and disadvantages of distributing market : Examine advantages and/or disadvantages of distributing market pesticide permits to each farm operating in eater shed equal to 40% of current levels of use of that pesticide, versus simply ordering each farm to reduce pesticide issues to 40% of cu..
Marginal product change for resource : Describe how the marginal product for a resource can change. Conclude with an explanation for what can change the demand for a resource.
Write algorithm for program to compute the sum of number : Write an algorithm for a program which will satisfy following requirements: - Asks a user how many numbers they want to calculate.
Identifying clinical or practice experts : what is the value in identifying clinical or practice experts to help you accomplish your learning objectives? How do you choose and work with a mentor?
Illustrate what happens to employment output : Congress cannot dictate how many workers industries hire at mandated wage. Given this fact, Illustrate what are effects of this law. Specifically, illustrate what happens to employment, output and total amount earned by workers.
Important question based on macroeconomics : Over the past two decades, according to the U.S. balance of payment,  the current accounts and the capital account balance tend to move in same direction.
Illustrate what are these levels of output : Manager of EPS find outs two output levels that appear to be optimal. Illustrate what are these levels of output and which one is actually optimal.
Write program which instantiates objects of classes : Private data of Quadrilateral must be the x-y coordinate pairs for four end-points of the Quadrilateral. Write a program which instantiates objects of your classes and outputs each objects area (except Quadrilateral.
Explain the law of demand : Explain the law of demand. Why does a demand curve slope downwards? Distinguish between a change in demand and a change in quantity demanded.

Reviews

Write a Review

 

Business Economics Questions & Answers

  Express a person who risks his or her financial resources

Which of the following terms express a person who risks his or her financial resources by investing it in the hope of making a profit.

  How versus simply ordering each farm to reduce pesticide

How versus simply ordering each farm to reduce pesticide use to 40% of current levels under threat of heavy fines for non-compliance.

  Influences affecting foreign exchange rates

Elucidate how absolute also comparative advantages were used in your simulation. Elucidate the influences affecting foreign exchange rates.

  Elucidate what will happen if oil prices remain in range

As per to Global Insight, a Massachusetts economics consultancy, elucidate what will happen if oil prices remain in the range of $65 to $70 per barrel for a couple of more months.

  Specify where each successive unit will be produced

Calculate the over all MC for the 1st 10 units of output also Specify where each successive unit will be produced.

  Calculate the marginal cost function

Calculate the marginal cost function. What is Chill man's profit-maximizing cost as well as output combination.

  Social optimum quantity and price

What is the social optimum quantity and price. Calculate the total surplus in the market equilibrium, at the social optimum and with the tax.

  Total demand will the follower firms supply

What is the total market demand for poly-glue at the price established by Alchemy. How much of the total demand will the follower firms supply.

  Purchase more chips

If Michael is spending all of his money on these 2 snacks which he purchase more chips also less ice cream as well as purchase less chips.

  Fixed exchange rate regime on household

What is the impact of a tax cut in an economy operating under a fixed exchange rate regime on household spending, interest rates.

  Explaining expected short-term impacts on firms

explaining the expected short-term impacts on firms in any one of the following three industries in terms of product sales; operating costs; revenues or economic profits.

  Explore in particular how the firm responds

Explore in particular how the firm responds to the macroeconomic conditions in terms of the stock performance, current also future sales revenue, current also future profits, and worker costs also hiring decisions.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd