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Suppose a firm purchases labor in a competitive domestic labor market and sells its product in a competitive international product market that covers the whole world. Domestic producers represent a small portion of the world market and have no influence on the product price. The firm's elasticity of demand for labor is ?0.5. Suppose the wage increases by 6 percent. What will happen to the number of workers hired by the firm? What will happen to the marginal productivity of the last worker hired by the firm? Explain.
where P represents price and A is the number of weekly advertisements. Presently the theater advertises 125 times per week. Assuming this is the only theater in town, and its marginal cost, MC, is equal to zero,
Which of the following is the definition of the Consumer Price Index (CPI)?
Describe the business and, utilizing the concepts of unit and the earlier units, discuss - what costs you would incur;
Identify economic forecasts for real GDP, the unemployment rate, the inflation rate, and a key interest rate. What do your forecasts imply about the relative strength of the economy over the next two years.
If the money supply increases, show with should happen if we assume we live in a classical world. With assumptions are you making about the quantity theory of money theory?
An individual consumes only two commodities X and Y. She prefers a bundle B1 with 6 units of X and 2 units of Y to a bundle B2 with 4 units of X and 7 units of Y. Also, she prefers a bundle B3 with 2 units of X and 8 units of Y to B1. Are these prefe..
Dogs kept in a backyard and are barking constantantly are notorious in most city neighborhoods. Do these dogs pose a negative or positive externality? What (if anything) should the city do about these externalities?
Demand-Supply Analysis and the American Revolution a. Before the American Revolution, the British government required that all imports to the colonies from outside the British Empire were first shipped to England (part of the Navigation Acts). A Bost..
The oil price shock embodied an inflation rise of 3 percentage points and inflation turned out to be 1.5%. What effect did the financial crisis have on the unemployment rate?
Explain the entities affected by social regulation. My question is Illustrate what do they mean by the word "entities"?
Would a dynamic approach to taxation be more likely to lead to economic growth than the static approach in a country with a falling tax base? What about in a country with a growing tax base?
Assume that Densa Inc. falls 10 percent short of producing the profit maximizing output. Would a higher product price lead to greater output
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