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Product Elasticities and the Wage Job Trade-Off. Consider two unions, one in an industry where the price elasticity of demand for the product is3.0 (industry E), and one where the price elasticity of demand is 2.0 (industry I). In both industries, the initial wage is $30 and labor is responsible for half the cost of production, so the percentage change in the product price is half the percentage change in the wage. In each industry, the initial employment is 100 workers. Suppose each union increases its wage by 10 percent.
a. Compute the output effect of the wage increase for each industry: Total employment in industry E drops from 100 to__________ ; total employment in industry I drops from 100 to_________ .
b. Assume that there is no substitution effect from changes in wages. Use two graphs to show the effects of the increase in the wage on the quantity of labor demanded.
Are there any differences in the eligibility requirements for TRI-enrollees based on reimbursement ability by the facility? If so, is this "fair?
Suppose that disposable income, consumption, and saving in some country are $200 billion, $150 billion, and $50 billion, respectively. Next, assume that disposable income increases by $20 billion, consumption rises by $18 billion, and saving goes ..
The GDP deflator in Econoland is 200 on January 1, 2005. The deflator rises to 242 by January 1, 2007, and to 266.2 by January 1, 2008. What is the annual rate of inflation over the three year period from January 1, 2005, to January 1,2008
The Do-Drop-Inn, Inc., provides vacation lodging services to both family and senior citizen customers. Yearly demand and marginal revenue relations for overnight lodging services, Q, are as follows: Family PF = $40 - $0.0004QF MRF = $40 - $0.0008Q..
Given the following equations, P=1000-10Q, MR=1000-20Q, and MC=400 Calculate the competitive equilibrium consumer surplus. Calculate the Monopoly-case (a) deadweight loss, (b) remaining consumer surplus,
what is your price elasticity of demand for soda
The Cash Flows have a present value of zero. Compute the value of J, assuming a 10 percent interest rate. 0 100 - 1(year(s) 100 - 2 100 -3 4 5 6- J 7-J 8-J
At an initial point on the aggregate demand curve, the price level is 100, and real to GDP is $15trillion. After the price level rises to 110, however, there is an upward movement along the aggregate demand curve, and real GDP declines to $14 tril..
The division's revenue for the year is $75 million. c. On March 31, you decide to stop throwing away $50 a month on convenience store nachos. You buy $200 worth of equipment, cornmeal, and cheese and make your own nachos for the rest of the year.
The plan is to make an initial deposit today and then deposit an additional $2,500 a year for the next three years, starting one year from today. The account pays a 3% rate of return. How much does the Bluebird Company need to deposit today.
Suppose the yield on a 30-year corporate bond rated Aaa is 9.50 percent and the yield on a 30-year Treasury bond is 9.00 percent. What is the default risk premium Would you expect a higher or lower default risk premium on an A-rated bond
Citgo Petroleum Corporation's frequent filler programs awards 2 free gallons of gasoline after the purchase of 10 gallons. A gallon costs $3.00. Given that information, evaluate the following statement: Citgo would have the same effect on demand by..
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