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a) Assume that the consumer price index (CPI) for the period 2004 -2008 has the following values:
2004 104.7
2005 107.0
2006 109.1
2007 111.5
2008 114.1
Suppose that the hourly wage rate for a group of workers that sign an employment contract for a three-year period starting in 2005 is indexed to the CPI according to the following COLA formula:
?w/w = 0.03 + 0.5 ?CPI/CPI.
Calculate the actual increase in the nominal wage during each year of the contract period. If the nominal wage in 2005 was $ 18.00, what was it in 2006, 2007 and 2008? (10) How did the real wage change in those years?
b) Does an increase in the average annual labour income imply that the individual worker's labour income has increased? Explain.
c) During 2008-2009, the Canadian economy went through a recession. How did this likely affect the labour's share in national income? Explain.
The Einstein Bagel Corp. offers a frequent buyer program whereby a consumer receives a stamp each time she purchases one dozen bagels for $5. After a consumer accrues 10 stamps, she receives one dozen bagels free.
Mr. and Mrs. Ward typically vote oppositely in elections and so their votes "cancel each other out." They each gain two units of utility from a vote for their positions (and lose two units of utility from a vote against their positions). However, ..
Suppose the Reserve Bank of Australia (RBA) observes directly aggregate demand shocks or fully anticipates them. Formulate a monetary policy rule that would insulate the economy from aggregate demand shocks.
Suppose that a natural monopolist was required by law to charge average total cost. On a diagram, label the price charged and the deadweight loss to society relative to marginal cost pricing. Briefly explain your diagram and comment on the results..
Use a principle, or principles, discussed in the course to explain some pattern of events or behaviour that you personally have observed.
Draw a standard supply and demand diagram which shows the demand for new housing units that are purchased each month, and the supply of new units built and put on the market each month.
Determine the least cost size and number of the milk processing plant using the equation and Derive the marginal cost for the two products 1&2 and show that it is a constant.
what are the cost and consequences of providing the subidies?
A manager hires labor and rents capital equipment in a competitive market. The current wage is $6.00 per hour and capital is rented at $12.00 per hour.
question 1how is the equilibrium price determined? what happens if the price is above the equilibrium price? what
utility if a function of income (I), given by: \(U = 101\) as long as I is less than or equal to 300. If I is greater than 300, your utility is a constant equal to 3,000. Suppose you have a choice between having an income of 300 with ce..
As a result of increased tensions in the Middle East, oil production is down by 1.2 million barrels per day-a 5 percent reduction in the world's supply of crude oil.
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