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Elasticity of Supply. Consider the application, Pubs and the Labor-Supply Curve, which suggests that workers switch jobs to get a bigger producer surplus. Consider two types of workers, janitors in a large city and radiology technicians in a medium-size city with two hospitals. (Related to Application 3 on page 715.)
a. Which type of worker is likely to get a larger change in producer surplus when switching jobs?
b. What are the implications for the supply curves facing the employers janitorial firms and hospitals?
Advertising can inform purchaser, but sellers must incur expenses to advertise. If so, advertising can result in higher prices to customers.
What is meant by the term, path dependency and discuss how path dependency has effected the development of two major Australian economic institutions.
Suppose we have an economy with only one aggregate production function, given by: Y = A(K + N^ 2/3 ) where Y is output, A is TFP, K is capital and N is labour. Calculate the market-clearing real wage
What is the profit-maximizing price and output level. Solve this algebraically for equilibrium P and Q and alos plat the MC, D and MR curves. b. What profit do you expect that the firm will make in the first year? c. Do you expect this profit leve..
where Q is the quantity demanded of its product, P is the price of its product, Pr is the price of its rival product, and I is per capita disposable income. At present, P=$10, Pr=$20, and I=$6000
Suppose that the production function takes the form Y = AKa*L1-a, where a?= 1/3. Assume that the saving rate, s = 0.15 and the rate of depreciation d = 0.05 Further, let A = 1, and L = 2, initially.
The United States, at the point where it is currently producing, must give up the production of 300 motorcycles to produce 15 additional SUVs with the same resources. Which of the following is the opportunity cost of producing 100 motorcycles
If the local government can enforce a rent-control law that sets the maximum monthly rent at $1500, will there be a surplus or a shortage? Of how many units And how many units will actually be rented each month
You estimate the operating expenses, including taxes, will be $45,000 for the first year and that they will increase by $3000 each year thereafter. You also estimate that razing the building and selling the lot on which stands will realize a net a..
What effects will the increase in electricity price have on the manufacturing industry's output.
Calculate the original market equilibrium price and quantity in absence of the price support policy.
Evidence to be gathered to provide a sufficient basis for the auditor's opinion.
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