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Next, consider an example of DWL in the labour market. Suppose the demand for labour is given by the fixed gross wage W = $16. The supply is given by W = 0.8L.
(a) Illustrate the market geometrically.
(b) Calculate the equilibrium amount of labour supplied, and the supplier surplus.
(c) Suppose a wage tax that reduces the wage to W = $12 is imposed. By how much is the supplier's surplus reduced at the new equilibrium?
Rewrite the model to show that this is in fact a two-variable model rather than a three-variable model. Define the parameters
The university is selling bonds to cover the cost of a new power plant for UAF. The face value on the bonds is $100 million and is to be repaid in 10 years with coupons paid annually. There is a 15% chance the effective interest rate will be 5%, 2..
The Licorice industry is competitive. Each firm produces 2 million strings of licorice per year. The strings have an average total cost of .20 cents each and they sell for .30 cents.
According to the profit-maximization goal, the firm should attempt to maximize short-run profits since there is too much uncertainty associated with long-run profits.
selects its own output q2. Output is homogeneous across firms and satisfies the industry inverse demand function P = 200 - q1 - q2. Both firms have zero fixed costs and total costs of Ci(qi) = 60qi. Compute the Cournot-Nash equilibrium outputs and ..
in avataria one-forth of all females born die in infancy and the rest of them live until age 60.women bear 1 child at
Choose a product you have purchased in the past month from a clothing or shoe store. Describe how each of the 4 factors contributed to the elasticity of the good. Is the product considered elastic, inelastic, or unitary elastic
What are the best and worst possible scenarios you could envision when every individual in the military uses their own critical thinking skills to arrive at a decision?
Use the Bureau of Economic Analysis website to choose data for this assignment. In addition, review the articles in Topic Materials relating to econometrics. Analyze the data you have selected to determine how to use them to make appropriate econo..
Find the equation describing the LM curve. Note that since I did not give you a specic P (and the LM curve is always drawn given a specic P), you will end up with an equation in three unknowns (Y,P,r).
1. what is the GDP 2. what is the net domestic product 3. what is the national income 4. if real GDP in a particular year is $80 billion and nominal GDP is $240billion , what is the GDP price index for that year
A competitive firm uses a single input x to produce its output y. The firm's production function is given by y = x3/2 for quantities of x between 0 and 4. For quantities of a greater than 4, the firm's output is y = 4 + x.
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