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In the city of Growville, the equilibrium employment is 100,000 workers, and the equilibrium wage is $80 per day. The elasticity of demand for labor is 1.0 (in absolute value) and the elasticity of supply of labor is 4.0. The employment multiplier is 2.5.
Suppose the demand for labor used in the production of exports increases by 6,000 jobs.
Use a supply-demand graph of the urban labor market to show the effects of the increase in the demand for labor.
What is the percent change in the equilibrium wage?
What is the percent change in the equilibrium employment?
PLEASE PROVIDE THE GRAPH AND COMPLETE ANSWER
An economist has predicted that for the next 5 years the U.S. will have an 8% annual inflation rate, followed by 5 year at a 6% inflation rate. this is equivalent to what average price change per year for the entire 10-year period?
Under what conditions might the Justice Department approve a merger between two companies that operate in an industry with a premerger Herfindahl-Hirschman index of 2,900 if the postmerger index is expected to increase by 225.
q1. assume the two rival office supply companies office depot and staples both adopt cost matching policies. if
Compared with perfect competition, quantity produced in monopolistic competition is inefficient as price is higher than marginal cost (i.e. allocative inefficiency). Why do some economists argue that even if price is higher than marginal cost, it doe..
What is the effect of the $400 increase in government spending and a $600 tax cut on the following indicators, ceteris paribus: (1) the change in output (GDP), (2) annual budget deficit, (3) in what context should the policy be used. Use a mpc of .75..
q.a company designs websites for clients. much of the work is done in-house but it finds that it must subcontract i.e.
What is the difference between the rate of return between dollar and euro deposits? Is the prevailing exchange rate at an equilibrium level?
Assuming that wheat and barley both sell for $1, and income is $20, compute the price elasticity, cross price elasticity and income elasticity for wheat."
Incorporate tastes into economic models only to the extent that tastes determine whether pairs of goods are substitutes or complements.
If Robinson Crusoe can, either shoot 5-wild geese or catch 15-fish, on average, for every hour of labour effort. i.e. opportunity cost of shooting one wild goose is three fish.
The value of cross price elasticity of demand between goods A and B is 0.75, while the cross price elasticity of demand between goods A and C is -1.38. Characterize A & B and A & C as substitutes or complements. Explain why this is the case.
What are the economic and political arguments for regional economic integration? Given these arguments, why don't we see more integration in the world economy?
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