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Assume labor market demand is given by: lD = 10 – w and labor market supply by: lS = w – 2. Suppose that a union has a monopoly in the supply of labor. Suppose also that the goal it has decided to pursue is to maximize the wage bill. In this case, what is the quantity of labor it will offer? (NOTE: Write your answer in number format, with 2 decimal places of precision level; do not write your answer as a fraction. HINTS: Sketch the Marshallian “cross” diagram of supply and demand to help you answer this question. Remember, this is a labor market, not an output market.) Show all steps.
Suppose we are with a real estate agency that has the following houses listed in a specific geographic area. $150,000; $146,000; $152,000; $155,000; $143,000; $157,000; $180,000; $148,000; $154,000; $146,000; $155,000
In "Kitchen Nightmares," Chef Gordon Ramsay visits struggling restaurants and gives the owners of the restaurant a number of recommendations intended to reverse the restaurant's prospects. Explain how the recommendation is an application of Economies..
The political stability of countries has an impact on the foreign exchange market. When a country's import spending exceeds the value of its exports, the country is experiencing a:
Arrows up or down. In the application on consumer loans in South Africa, the loan uptake rate _________ as the interest rate decreased and _________ when the model on the offer was switched from a man to a woman. Advertising for Loans. Consider the n..
What is the difference between relative factor endowments and relative factor intensities? What does the Hecksher-Ohlin theorem say about home versus foreign countries while they remain in autarky?
If the income level in the United States increases at a greater rate than that of Canada, all else equal, predict the impact on:
Suppose you make equal quarterly deposit of $2,500 into a fund that pays interest at a rate of 8% per year compounded monthly. Find the balance at the end of year 2. Please provide formula or excel function?
Briefly discuss the current poverty numbers in the U.S. What can we expect welfare policy to look like in the future? Need references with statistics; Please no copy and paste and please no plagiarism.
In a pure monopoly, the monopolistic firm is the only one selling the product, therefore there are no constraints on what the firm can charge or on the profit it can make. Do you agree? Why? Discuss various barriers to entry into an industry, explain..
You purchased a machine for $1,200,000 (installed), and you depreciated it using a 5 year MACRS. In year 3, you sold the machine for $700,000. You financed 70% of the purchase price on a 5 year loan at 8%. Your company is in a 35% tax bracket. Show t..
The High-Rise Building Company uses 400,000 tons of stone per year. The carrying costs are $100/ton. The cost per order is $500.
Elucidate how Levitt devised a means of examining student test scores to uncover evidence of cheating teachers. Explain also why Levitt's analysis of the data constituted evidence, but not proof, of cheating.
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