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The dominant employer in Davis is UCD. Some argue that UCD uses its market power to lower the wages of some of its staff, especially those in lower-skill jobs. Show how this might work, using an inverse supply of labor of w = 3 + .2L, where L is the number of hours worked per month by the labor force (in thousands), and w is the wage paid, in dollars per hour. Suppose UCD’s inverse demand forlaboris w=18-.1L.
(a) What are the average expenditure and marginal expenditure for labor?
(b) If UCD chooses to be a monopolist, what are the wage it will offer and the number of hours of work it wishes to hire?
(c) Since the UCD staffs are unionized, the situation is more likely one of bilateral monopoly. What would the union’s wage and hours demands be?
Assume the value of equilibrium real GDP is $800 billion dollars. Assume the government increased spending by $20 billion dollars to increase real GDP.
the mainstream theory of the business cycle, is the most common source of reciession: a decrease in aggregate demand, a decrease in aggregate supply, or both.
q1. a discount store has a special offer on dvd players and lowers their price from 150 to 100. assume the store
Critically evaluate measures used by governments and central banks to manage the economies of their countries.
The salvage value of either alternative is negligible at any time. If MARR is 10% per year, what present expenditure for the auxiliary equipment can plan you justify spending? Assume that you need the heating system infinitely.
Amend the diagram and use similar algebra to figure out Illustrate what happens again.
Mustard and mayonnaise are substitutes. Mustard and relish are complements. Mustard is a normal good. During the summer, about 50% of all mustard was recalled by manufacturers and removed from store shelves.
Offer one good or service that you think would be considered highly price elastic ,one that you think is highly inelastic and Elucidate why.
q1. illustrate trade-off must be considered when deciding explain how much of your wealth is to be held as money
What is the profit-maximizing price and output level? Solve this algebraically for equilibrium P and Q and also plot the MC, D and MR curves and illustrate the equilibrium point.
Explain how "discretionary fiscal policy" can be "countercyclical" and can be used to support aggregate demand. Us an AD/AS model to support your answer.
If the cross-price elasticity of aluminum with respect to steel is 2.0: What would happen to the quantity demanded of aluminum if the price of steel increases?
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