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Kyle and Jeremiah own firms that produce winter mittens. Suppose the firm’s production function is given by Q =10 or L is the number of workers hired by the firm. It can be shown that the marginal product of labor is then MPL = Assume that in the absence of discrimination, the equilibrium wage is $10 per hour. The price of each unit of output is $20. Profits are equal to: Π = PQ – WL There are two groups of workers, short and tall people, and these groups are equally productive. Kyle’s firm discriminates against short people by a factor of $10.
Illustrate what do the results tell you about the relative size of the income also substitution effects for leisure for Jake.
Privatization in transition economies is often justified on the grounds of increasing. The text defines an economic system as. Which of the following legal forms of business organization provides for limited liability?
Why might a U.S. trade deficit be preferable to a U.S. trade surplRunning a trade deficit allows a country to consume more than it produces. Americans acquire more foreign assets under a trade deficit than they do under a trade surplus. Under a trade..
In a study published in 1980, B. B. Gibson estimated the following price and income elasticities of demand for six types of public goods: Do these public goods conform to the law of demand? For which public goods is demand price elastic? What types o..
Assume MTSU is attempting to conclude what factors drive its demand for MBA student credit hours (dependent variable). Information is available on following independent variables:
In 2012, a group in Germany proposed a “wealth tax” -- on building, machinery and equipment—that would be levied on all employers having at least $1.4 million invested in such assets. Use the labor market theory learned in this chapter to analyze the..
The Credit Company offers to loan a college student $6300 for school expenses. Repayment of the loan will be in monthly installments of $266.73 for 30 months. What nominal interest rate is being charged on this loan? The nominal interest rate that is..
From an economic growth and prosperity level, we have to look at the role of the financial system. We know that high inflation means higher interest rates, which lead to less purchasing power and more investing (investors like higher interest rates!)..
Suppose the government sets a controlled price below the market clearing price for a commodity. Draw a diagram and use the idea of a maximum buying price to explain whether the total price paid by the buyers will end up lower or higher than before.
What is meant by budget deficit? What are the different ways it can be financed? Is the national debt a problem? Discuss
Lone Star Industries offers online automobile Insurance to preferred risk drivers in the state of Texas. The company is the low cost provider of insurance in the market with fixed costs of $18 million per year, plus variable costs of $750 for each dr..
q.this problem uses the solow model to analyze the e?ects of immigration. suppose that the economy is initiallyin
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