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1. (Substitution and Income Effects) Suppose that the substitution effect of an increase in the wage rate exactly offsets the income effect as the hourly wage increases from $12 to $13. What would the supply of labor curve look like over this range of wages? Why?
2. (Craft Unions) Both industrial unions and craft unions attempt to raise their members' wages, but each goes about it differently. Explain the difference in approaches and describe the impact these differences have on excess quantity of labor supplied.
Competitive Firm Suppose the competitive market price is $84, and a competitive firm's total costs = 4q2 - 4q + 100 and marginal cost = 8q - 4. a. Solve for the profit-maximizing (or loss minimizing) quantity (q*).
Draw two figures, one above the other. In the top figure, plot the total, variable, and fixed cost curves. In the bottom figure, show the average and marginal cost curves. Use Excel and plot for enough values of q between 0 and 20 such that the va..
In an attempt to increase revenues and profits, a firm is considering a 4 percent increase in price and an 11 percent increase in advertising. If the price elasticity of demands is -1.5 and the advertising is +0.6 would you expect an increase or d..
The average consumer at a firm with market power has an inverse demand function of P = 10 - Q. The firm's cost function is C = 2Q. If the firm engages in two part pricing, what is the optimal fixed fee to charge each consumer
You own a store, and short on cash, a customer offers to pay you $100 now, $200 next year, $300 in two years, and $400 in three years. What is the present value of this payment stream if the interest rate is 10%
Suppose that your rich uncle has $1,000,000 that he wishes to distribute to his heirs at the rate of $100,000 per year. If the $1,000,000 is deposited in a bank account that earns 6% interest per year, how many years will it take to completely dep..
This is, in part due to the fact that the company spent 1.2 billion developing the drug and obtaining FDA approval. An economist has estimated that, at the current price of $1.25 per pill, the own price elasticity of demand for the drug is -2.5.
an economy has an unemployment rate of4 percent and an inflation rate of 5 percent a year at point A on a graph. Some events occur that move the economy in a clockwise loop from A to B to D to C and back to A.
Today the XYZ Corporation shipped goods value at 1 million Euros, to a customer in Belgium. Payment is due in 90 days, and the Belgium firm will make the payment in euros. Today spot rate is euros1 / $ 1.25. The 90 day forward rate is euros1 / $1...
The two sample sizes were 12 for children under 12 and 15 for children 13 to 17 years of age. Further, the standard deviation for children under 12 was 51.7, while the standard deviation for children 13 to 17 of age was 67.6.
current asset (defender) is being evaluated for potential replacement. It was purchased four years ago at a cost of $62,000. It has been depreciated as a MACRS (GDS) five-year property- class asset. The present MV of the defender is $12,000.
Bernie, the manager of the S& L who will make the lending decision, receives 1% of the firm's earnings. He believes that if the S& L loses money, he can walk away from his job without repercussions, although without compensation.
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