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a) Describe the factors that influence wage setting. Write down the equation that represents wage setting, describe the effect of each factor in the equation/function, and draw the corresponding diagram. Clearly state the assumptions behind your analysis.
b) Briefly describe the “efficiency wage” theory. Explain why a firm would want to pay a wage that is higher than the market wage rate. What theories can motivate such a practice?
c) The conventional (classical) labor market theory suggests that i) the wage rate adjusts smoothly so that labor supply equals labor demand; ii) wages are set competitively across markets; iii) there is no ‘involuntary’ unemployment (anyone who wishes to work can work). Does this reflect the reality in real economies? If not, explain why
An elderly physician has built up his own practice into a quite valuable business. Now that he is thinking of retiring, he wants to take on a partner to learn the business and eventually buy the practice in three years. Discuss the plusses and minuse..
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities.
Describe whether Indian Consumer goods industry is growing at the cost of future profitability.
What are some obstacles your firm might face with production in another country - What impact would that have on your firm?
In Overdressed, Cline makes many arguments about the state of the fashion industry, globalization, and society. Cline states, “The [fashion]-industry is really globalized at this point. So, it is hard for a union to come up with a strategy that would..
Some economists have suggested that the best way to control medical costs is to remove the profit incentive for health care providers, particularly hospitals.
What is brand loyalty? Name three products each for which you have (a) high brand loyalty and (b) low brand loyalty and explain why for each of the six products.
A consumer has preferences u(x) = 2x 1 2 1 + x2. The price of good 1 is p1 > 0 and the price of good 2 is 1. You may restrict your attention to interior solutions throughout. Explain whether these preferences are i) monotonic, ii) quasilinear, iii) e..
1. The table below gives Bob's income and the price index for the last 4 years. Respond to parts a.
Illustrate what is the probability that a randomly selected hair dryer will be in working condition for more than 60 months.
Suppose that in 1990, the price of bread was $2 per loaf and the price of milk was $1 per gallon. By 2000, the price of brad rises to $3 per loaf, and the price of milk rises to $2 per gallon. Assume that consumers have convex indifference curves, an..
With the aid of diagrams demonstrate that any effectve price controls in a market will reduce the actual quantity bought and sold in that market.
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