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a) What are the two main assumptions underlying the “neoclassical” theory of a short-run labor demand curve that is declining in rising wage rates (i.e., the “Law of Demand”)?
b) Suppose there is a firm with two inputs of production, labor (L) and capital (K), with associated prices w and r, respectively. Also assume that the firm faces competitive input and product markets and that the two inputs are gross complements in production. Show graphically the long-run labor demand as the wage increases. What happens to long-run demand for capital? Be sure to show the scale and substitution effects of a wage increase on the demands for labor and capital.
Suppose a firm uses both labor L and capital K as inputs to production. Its production function is of the Cobb-Douglas form, i.e. F (K,L) = K^1/3 L^2/ 3. Express the firm’s real revenues, real costs and real profits in terms of the variables defined ..
Select a region and choose a trading bloc (NAFTA, EU, ASEAN, etc.) within that region. In a single paper write two 350- to 500-word articles, one article in favor of regional integration and another article against regional integration. Describe the ..
Identify a few ads for brands that have been endorsed by United States celebrities. Try to use examples your classmates haven't already posted (i.e., review the papers posted before yours). What is the effect of the celebrity’s attractiveness, likeab..
What effect, if any, does each of the following events have on the price elasticity of demand for corporate-owned jets?
If price controls are initiated, we would expect that
how does each shrimp producer react to the increase in price? A. Each producer decreases its production of shrimp. B. Each producer increases its production of shrimp.
A consumer is deciding how many cups of coffee and how many bus tickets to purchase. The price of a bus ticket is $1.50 and the price of a cup of coffee is $2. The following table describes the total utility derived from the two goods. Calculate the ..
Critically evaluate the provision resulting from the Uruguay Round to require that the least trade-restrictive measures should be used to achieve environmental goals. Include in your answer both the environmental and economic implications. Support or..
As part of your job, you must complete a 10-to-15 page paper that follows this project through the system development life cycle (SDLC). This assignment will require you to do the following:
Project B will return a profit of $2.00 of conditions are poor, a profit of $3.00 if conditions are good and a profit of $4.00 if conditions are excellent. The probability distribution of conditions is as followed.
You borrow $500 from a family member and agree to pay it back in 6 months. Because you are part of the family, you are only being charged simple interest at the rate of 0.5% per month. How much will you owe after 6 months? How much is the interest?
Discuss why it is important to evaluate processes within an organization using flowcharting and performance metrics.
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