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Suppose a worker is offered a wage of $ 5 per hour, plus a fixed payment of $ 40. What is the equation for the worker â€TMs opportunity set in a given 24 hour day? What is maximum total earning the worker can earn in a day? The minimum? What is the price to the worker of consuming an additional hour of leisure?
A batch of 500 machined parts contains 10 that do not conform to customer requirements. Parts are selected successively, without replacement, until a nonconforming part is obtained. The random variable is the number of parts selected.
Explain what occurs when a new technology makes another one obsolete in terms of economic profit. Consider firm A to be an existing firm using the old technology. Firm B is the new firm with the new technology. Firm A earned positive profits for years, but with the entrance of Firm B, Firm Aâ€TMs goods and services are no longer desired.
What are the factors that affect pay differentials? How does each factor increase or decrease relative wages?
The vertical long run AS curve compatible with classical economics implies that AD only determines the price level
Use indifference curves to distinguish between income and substitution effects, using the above techniques explain why the demand curve slope downwards, What are the main criteria for designing a tax system, To what extent do you think the national..
Firms raise capital from investors by issuing shares in the primary markets
What if the pollution invades Baker's home and harms her health
How can two countries both be better off as a result of trade? How can tariffs protect U.S. jobs? Do tariffs lead to a net increase in jobs?
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
Explain what occurs when a new technology makes another one obsolete in terms of economic profit.
Think of any financial innovation in the past ten years
The equilibrium quantity increase or decrease depends on Demand
Why do celebrity icons receive such widespread attention and adulation
How many tickets to sell to maximize total welfare.
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