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Suppose in country Triniland employers are required to pay overtime at 50% above the normal wage rate for workers who work beyond 8 hours a day.
Use your diagrams in (a) and (b) to analyze and show graphically the change in work incentive facing workers who were working overtime (more than 8 hours) before this new law. You may use the same graph as in (a) and (b). (Note you must tell me what happens to work and leisure hours after the law change).
Discuss how absolute advantage and comparative advantage differ? Kyle can read 20 pages of the economics in an hour. He can also read 50 pages of history in an hour. He spends 5 hours pre day studying. Draw Kyle's production possibilities fron..
Use the data below to find out the growth of income per person (over the entire period, not an annual basis) between the two years listed.
Discuss how each of the following developments would affect the supply of the money, the demand for money, and the interest rate. For each case, describe what happens in closed economy and in small open economy. Describe your answers with diagrams.
Consider economy that is above full-employment equilibrium (natural rate of output) because of an increase in AD. Prices of productive resources have'nt changed. With the help of graph
What is the level of price, output, and amount of profit for an unregulated monopolist? Analyze the effect of regulation on the allocation of resources. Which situation is most efficient? Which situation is most likely to be chosen by government? ..
Suppose the ABC Corporation adopts a policy prohibiting its top-level executives, whose compensation packages-Use economic theory to analyze the incentive effects of this prohibition.
Consumption accounts for about 60% of GDP, while investments accounts for about 20% for GDP. But many economists think that, to understand economic recession, it is more significant to look at investment than consumption. Why?
Compute total revenue, marginal revenue, marginal cost, and average total cost of this natural monopoly. What is the profit maximizing output and price for this natural monopoly when the government does not regulate it?
A tariff is simply a tax on imports. Use our model of the excise tax (with diagram) to describe why domestic firms request that tariffs be imposed.
Assess the degree of difficulty associated with measuring marginal revenue product for each of the following occupations.
Compute the expected value (revenue) from each project. Compute the coefficient of variation of each project, and find out which project should the company choose. Compute the variance and standard deviation of expected value from each project.
What is the difference between the medium of exchange and the store of value? What is the difference between commodity money and fiat money?
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