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Important information about Labor Economics
A child of a wealthy family is deciding whether to work or not work and mooch off her parents. Imagine that she is offered a job that pays her $50/hour.
a) Assume she receives a weekly stipend from her parents worth $1000. use an indifference map and budget line to depict a situation where she does not work. show the reservation wage on the graph.
b) If her parents took the stipend away, would her decision change? show on the graph.
c) On a new graph (using the same assumptions in (b)), what would happen to her hours of work if the job instead paid $100/hour? Clearly label the income and substitution effects.
d) On a new graph, (using the same assumptions in (b)), what would happen if the prices of everything in the economy were half of what they were in your original setup? Clearly label the income and substitution effects.
Compute the path of the economy, that is , calculate real GDP, the price level, the inflation rate and real money stock for each year until GDP I swithin 1% of the potential. (limit calculated values to 10 decimals points)
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Assume that there are two power generating plants that emit SO 2 (sulphur dioxide). In the absence of regulation they each emit 10 tons of pollution per month.
What is autarky price and quantity equilibrium for both home and foreign? What is the open trade price and volume under free trade.
Explain when an economy ever pursue a contractionary fiscal policy.
What are the macro and micro problems? What systems are affected structural, psychosocial, technical, managerial, goals?
Use both an individual's indifference curve and budget line, and the aggregate labor supply curve to explain and illustrate your answer.
Explain why should you, as a future employe, be concerned about the downward trend in labor productivity increases that have been observed since the early 1970s.
Prior to opening his hardware shop Bob worked as an investment banker earning $175,000 each year. He pays his employees $150,000 per year.
Airway Express has evening flight from Los Angeles to New York with average of 80 passengers and return flight the next afternoon with average of 50 passengers. Should the airline remain in business?
Estimation of sales from multiple regression models - figuring out the own price elasticity of demand and cross price elasticity of demand - the relevant business decision to increase the total revenue.
The nation is divided into __12______ Federal Reserve districts, each having a Federal Reserve Bank.
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