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The supply curve for agricultural labour is given by W = 6 + 0.1L, where W is the wage (price per unit) and L the quantity traded. Employers are willing to pay a wage of $12 to all workers who are willing to work at that wage; hence the demand curve is W = 12.
(a) Illustrate the market equilibrium, and compute the equilibrium wage (price) and quantity of labour employed.
(b) Compute the supplier surplus at this equilibrium.
Suppose that 3M has the production function q=KL, and the input prices are given by r=$2, w=$3. The 3M wants to produce 600 unit of output and minimize cost of production.
In an attempt to increase revenues and profits, a firm is considering a 4 percent increase in price and an 11 percent increase in advertising. If the price elasticity of demands is -1.5 and the advertising is +0.6 would you expect an increase or d..
Consider a model of the influence of the average number of cigarettes the mother smoked per day during pregnancy on infant birth weight. The following simple regression model was estimated with data on n = 1388 births.
A factory produces output (Q) using capital (K) and labor (L) according to the production function Y(K,L)=K^1/5*L^4/5 Let r denote the price per unit capital, and w denote the price per unit labor, so that the total expenditure on these factors is ..
Write down the unit cost of producing one yard of cloth and one calorie of food as a function of the price of one machine-hour, r, and one work-hour, w. In a compet- itive market, those costs will be equal to the prices of cloth and food.
Suppose a consumer has wealth w and is considering investing some amount,x,in risky asset.This asset can earn a return of Rg(which is positive return and therefore a good outcome or Rb
The firm currently uses 50,000 workers to produce 200,000 units of output per day. The daily wage per worker is $80, and the price of the firm's output is $25. The cost of other variable inputs is $400,000 per day.
what mathematical module can be used to test the hypothesis?
Suppose a second nation has the following data. Plot the PPC, and then determine which nation has the comparative advantage in which activity. Show whether the two nations can gain from specialization and trade.
Determine h and k such that the solution set of the system
The general Manager of an engineering firm wants to know whether a technical artist's experience influences the quality of his or her work. A random sample of 24 artists is selected and their years of work experience and quality rating(as assessed..
Suppose that two players are playing the following game. Player A can choose either Top or Bottom, and Player B can choose either Left or Right. The payoffs are given in the following table: Player B LEFT RIGHT
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