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In trying to measure the extent to which labor unions are responsible for increasing wages, economists use sophisticated statistical methods to compare the wages of unionized workers with those of non-unionized workers. Explain why it is not legitimate simply to compare the average wage across the two groups and attribute the difference to the effects of unionization.
Suppose u(c, c') = ln c+β ln c' , there exists N consumers and each consumer lives for 2 periods. In each period they receive an endowment y, y' and are taxed t, t'. Derive the lifetime budget constraint for both the consumer and government. Define e..
Look at Table 10-1 again, and now assume interest rates in the market (yield to maturity) increase from 9 to 12 percent. What is the bond price at 9 percent? What is the bond price at 12 percent?
The normal supply and demand models take the supply and demand of a particular good and show that the equilibrium price is where the two curves intersect. How do we reconcile both of these observations?
What does the high degree of effective control of the world economy by 'the corporate tribe,' along with the extreme concentration of personal wealth in the United States in the hands of the same individuals.
change if buyers pay $8 every unit to the intermediary but sellers offer to rebate part of that expense to buyers.
Consider again the avocado example in the textbook, where demand and supply functions are Qd = 160 – 40p Qs = 50 + 15p Suppose a severe drought hit California, and the state government decided to subsidize farmers 40 cents for each pound of avocados ..
From the e-Activity, assess how business leaders use managerial economics to make business decisions indicating how profits may be impacted.
For each case below, please state if the person mentioned is unemployed for Frictional, Structural, or Cyclical reasons. Please state your reasoning for each answer.
Suppose that the inflation rate is currently 4%. The level of potential real GDP is estimated at $4 trillion and the level of current real GDP is estimated at $3.75 trillion. Use the Taylor rule to estimate the target Federal funds rate
The empirical demand function for good X is estimated in log-linear form as ln Qˆ = 11.74209 – 1.65 ln P + 0.8 ln M – 2.5 ln PY where Qˆ is the estimated number of units of good X demanded, P is the price of X, M is income, and PY is the price of rel..
The World of Videos operates a retail store that rents movie videos. For each of the last 10 years, World of Videos has consistently earned profits exceeding $29,000 per year. The store is located on prime real estate in a college town. What is the o..
Show the graphical implications of agricultural production increasing at a rate that is faster than population increases during the same time period. Explain the outcomes.
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