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Labor Demand Elasticity and Total Income. Suppose a union s objective is to maximize the total income of nurses (total money spent by firms on nurses). At the current wage, the price elasticity of demand for nurses is 0.75 (in absolute value).
a. Should the union increase or decrease the union wage? Explain.
b. Is there a trade-off between wages and total employment?
data from the land of milk and honey: year price of milk quantity of milk price of honey quantity of honey 2010 $1 100 quarts $2 50 quarts 2011 $1 200 quarts $2 100 quarts
Timmy currently has $100 to last him a whole weekend. Let T represent his consumption on Saturday, and N represent his consumption on Sunday. His utility function is given by U(T,N)=min(T,3*N). How much of his $100 will Timmy choose to spend on Su..
A firm is currently considering plant expansion. There is some question as to what minimum attractive rate of return to use in the economic analysis of the proposed expansion. Banks are currently lending money at 11.5%.
Some people have the opportunity to invest in stocks in a tax-advantaged retirement plan, such as a 401(k) plan. Consider the difference between Andy, who is able to save in a tax-advantaged plan, and Ben, who must pay taxes on his return each yea..
Suppose you start with 10 hours and then decide to spend an additional $30 on tennis. On your curve, show the initial point and the new point. How many additional hours can you get?
suppose david spends his income i on two goods x and y whose market prices are px and py respectively. his preferences
Use the Bureau of Economic Analysis website to choose data for this assignment. In addition, review the articles in Topic Materials relating to econometrics. Analyze the data you have selected to determine how to use them to make appropriate econo..
An asset has an initial cost of $200,000, a salvage value of $25,000, and a recovery period of seven years. a. Find its book value after six years using the MACRS method. b. Find its book value after six years using the double declining balance metho..
Assume there are no prospective investment projects (I) that will yield an expected rate of return (r) of 25 percent or more, but that there are $5 billion of investment opportunities with an expected rate of return between 20 and 25 percent, an a..
how would this merger affect airline costs?
A town population has an annual income that is distributed according to a uniform distribution between $0 and $100k. Let X be the annual income. The most preferred school funding level of an individual is given as a function F=$2000+0.02*X, where F i..
Consider the production of textiles. To make textiles, it takes cotton (C, measured in pounds) and it takes labor (L, measured in man-hours). The total yards of fabric (F) produced is given by the production function F=L*(C^.5). If you currently h..
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