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The demand for labor by a monopsonist is given by W^d=17-L. The inverse supply curve of labor is given by W^s=2+2L. 1. Find the corresponding total cost and marginal cost functions of this monopsonist. Assume that labor is the only input. 2. What will be equilibrium wage rate and amount of employment? 3. Now suppose that Congress passes a law establishing a minimum wage for all workers at w =12. What will be equilibrium wage rate and amount of employment? (Hint: Carefully draw the relevant curves in a diagram of the labor market, taking into account the effect of the new minimum wage.) 4. In a competitive equilibrium, minimum wages imply a reduction in employment. What happens in this case? Explain briefly
One explanation about rights is that there is a difference between what we have the right to do and what is the right thing to do Explain what you think is meant by this statement
Graph the following statements using demand curves only, elucidate how whether there is a change in demand
If the two firms could collude and agree on Explain how to split the total profits, Illustrate what outcome would they pick.
On Friday night, Elton and his partner Rodney are deciding where to go for dinner. The choices are Indian, Korean, and Mexican. Elton most likes Indian food and most dislikes Mexican food, whereas Mexican is Rodney’s favorite and Indian is his least ..
Analyze the macroeconomic factors that led to the 2007–2009 recession. use researched academic sources to support it. Show these references please. How were GDP, inflation, and unemployment affected during the recession, and how does the model show t..
Are you surprised by the variety and range of issues addressed by the World Bank - projects that meet basic needs such as fresh water and programs to provide Internet services? What are your thoughts on this variety?
What if there were 26 apartments to rent. What if there were 25 apartments to rent.
Identify and discuss at least two economic phenomena for which the linear-in-parameters/linear-in-variables regression model may not be appropriate (besides any mentioned in the text). Select an economic phenomenon and determine which of the models d..
If you could create the "perfect" society that protects its citizens yet fosters personal growth and help them be productive, what will it look like? For this paper design your own society based on the above ideas and explain why you think it is the ..
Which of the following would NOT increase the supply of money in a fiat money economy?
Currently a firm pays 10% of each employee’s salary into a retirement account, regardless of whether the employee also contributes to the account. Some people at the firm think this change will lead employees to save more and therefore to be able to ..
Given the following data: Et = ¥125 = $1.00; Et+1 = ¥100 = $1.00; US interest rate = 20%. If the interest parity condition is expected to hold, interest rates in Japan should approximately equal (percentage)
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