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In labor markets, a change in wages has both an income and a substitution effect. An increase in wages causes an increase in real income; at the same time, the relative price of leisure increases for the worker. Supposse that an increase in the wage rate causes an individual to work less. In this case, which effect dominates the other, the substitution or the income effect? (Hint: Think about the impact that each effect has on the quantity- hours of work and compare. The net effect substitution effect plus income effect on working hours is negative).
What are three main factors of production? Who are the main economic decision makers in a Markey system? Can firms and households resolve problems by cooperating with each other?
Today, the Federal Reserve announced that it is reducing the discount rate by 0.5%. How would you expect this announcement to affect the value of your bond?
Consider Bob, he washes his car by hand rather than taking it to the local car wash. When asked why he washes it by hand, Bob explains "you should never pay for something you can do yourself." Evaluate the validity of Bob's statement.
Will price be higher or lower under such an agreement in long-run equilibrium than would be the case if firms didn't collude. Even in firms in a monopolistically competitive market collude successfully.
Explain carefully in terms of production theory why it might be that no amount of "cracking down" can increase worker productivity at CF&D.
The inverse demand function for natural gas in Altoona is P(q) = 11 - Q. The Altoona market has a single natural monopoly producer with a total cost function of C(Q) = 5Q - 0.005Q2.The public utilities commission is thi..
Why is it not surprising to find that in the oligopoly which sells basically undifferentiated product like chicken growth hormone all the firms change prices simultaneously, even if there is no explicit price fixing?
Describe some of the microeconomic and macroeconomic factors a firm must consider in its own sales and profit forecasting.
Suppose you have been asked to make a report for a group of new stock brokers about NYSE-Euronext and the NASDAQ.
State whether you agree or disagree with the following statement and explain why: a. When the real economy expands (Y rises), the demand for money expands. As a result households hold more cash and the supply of money expands. b) Inflation a rise i..
Innovation lagged in the centrally planned economies because: there was too much domestic business competition. there was too much competition from foreign firms. A positive statement is one which is:
Karen runs a print shop that makes posters for large companies. It is a very competitive business. What is her AFC per poster (not per thousand!) if she prints 1000 posters? 2000? 10,000?
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