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This question deals with the application of microeconomic theory to labor markets.
a) What is the difference between the perfect competitior's value of the marginal product of labor and the imperfect competitor's marginal revuenue product of labor curve? Explain and show graphically.
b) If a monopolist bought all the firms in a formerly perfectly competitive industry and acquired the legal right to exclude entry, how would the quantitiy of labor employed be afected? Explain and show graphically
c) Why is an individual's labor supply curve possibly backward bending, but the market labor supply curve is upwatd sloping? Explain and show graphically.
Chris’s Outdoor Furniture, Inc., has net cash flows from operating activities for the last year of $390 million. The income statement shows that net income is $365 million and depreciation expense is $49 million. Calculate the end-of-year balance for..
GDP rises from $6 trillion in 1986, the base year, to $18 trillion in 1989. The GDP deflator in 1989 is 200. Find real GDP in 1989. Find the percentage increase in real GDP between 1986 and 1989. Percentage increase in real GDP between 1986 and 1989.
A firm’s stockholders expect an 18% rate of return, and there is $22M in common stock and retained earnings. The ?rm has $9M in loans at an average rate of 8%. The firm has raised $14M by selling bonds at an average rate of 4%. What is the firm’s cos..
Your friend, Sarah Occupy, is complaining, “The one percent is at it again! They want to cut the payroll tax that employers pay to finance unemployment insurance. This will help employers but do nothing to help the workers.” Is Sarah right or wrong? ..
The Harrod-Domar model predicts that a country’s long-run per capita growth rate depends on its rate of savings, whereas the Solow model predicts that it does not. According to both the Harrod-Domar and Solow models, if total factor productivity (i.e..
Describe each country's reaction function. Does a Cournot equilibrium exist? If so, find the outputs and prices of crude oil in the two countries.
Additional regulation in a sector of the economy is socially advantageous whenever the marginal benefit to society of additional regulation is less than, is the same as, or is greater than the marginal cost to society.
If an athlete presents to a clinic with persistent joint pain from a recent injury should they automatically have an MRI on that joint or go through X-rays and physical therapy and/or at home care first? Should they have both X-rays and a MRI comp..
If 3000 two-bedroom houses are demanded per year, at a price of $500,000 per unit. However, for every $40,000 increase in the price per unit, the quantity of units demanded falls by 200. Find the demand curve. Find the supply curve. Find the approxim..
What is the method that is used by the RMI client to connect to remote RMI servers?
Define actual and potential, expenditures, taxation, aggregation supply, aggregation demand, AS curve, AD curve. Equilibrium of AS and AD sources of long-run economic growth
Suppose a typical consumer's inverse demand function for bottled water at a resort area where one firm owns all the rights to a local spring is given by P = 15 - 3Q. The marginal cost for gathering and bottling the water is $3 per gallon. Find the op..
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