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12. The employees at Warren Manufacturing Company are unionized. As minimum requirements, the union members insist on keeping a work force of at least 300 workers, and accepting an hourly wage rate of no less than $8. Beyond those minimum requirements, however, they are considering some different economic goals. Calculated on an hourly basis, the employees' marginal revenue product schedule is: Employees MRP 100 $20 200 18 300 16 400 14 450 13 500 12 550 11 600 10 650 9 700 8 800 6 900 4 a) If the union attempts to maximize the wage rate of its employees, subject to the above constraints, what wage rate and employment level can it expect to achieve? b) If the union attempts to maximize the employment of its members at Warren, what wage rate and employment level can it expect to achieve?
Ross owns 918 shares of Flag Fabric Corporation There are thirteen directors to be elected. 31,000 shares of common stock are outstanding.
The company selling the good x starts an advertisement campagin that has the following effect on the consumer he makes decisions as if maximizing a decision utility function.
Write an assembly language subroutine
Consider a firm which employs capital and labor as inputs and sells 5,000 units of output per year at the going market price of $10. As well suppose that total labor costs to the firm are $45,000 annually.
Under what circumstances, and why, would the government be opposed to a merger of two firms How does the Justice Department decide which mergers to challenge
Calculate John's optimal consumption bundle, (X, Y). (Hint: Since John's indif-ference curves are not smooth and \curvy", we cannot use MRS = MRT to solve for the optimal bundle. Draw a diagram to see where the John's optimal bundle must be on his ..
New Horizons Airlines wants to forecast the mean number of unoccupied seats per flight to Germany next year.To develop this forecast, the records of 49 flights are randomly selected from the files for the past year, and the number of unoccupied sea..
Identify the fallacy in the following discussion: "The effect of an excise tax on a commodity might seem at 1st sight to increase the value that buyer pay.
The output sold by a particular firm may be quite different from the output sold by the other firms in the market
The price elasticity of demand for health care is such that an increase in the price of health care will: decrease total health care expenditures. increase total health care expenditures. shift the demand for health care rightward. shift the deman..
This is a self-reflection paper developed based on the classroom discussion around minimum wage. Explain the effect minimum wage has on the economy. List and describe both the pros and cons of the more recent increases in the federal minimum wage...
Assume also that South Africa is a net importer of maize and imports maize mostly from the US. The FOB at US Gulf port is US$350 per tonne (1 tonne =1000 kg). Assume freight, insurance and unloading (FIU) cost at Durban is 150 Rands per tonne.
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