Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
2 Labor market
Consider an economy in which the labor market is competitive. There is a large number of firms each with technology given by the following production function
Y = AKa N1-a where Y denotes the (unique) consumption good, K denotes capital stock, and
N denotes labor input (in hours) in production.
There is also a large number of agents who supply labor, with preferences given by
u (c, l) = log (c) + ? log (l) where l denotes leisure and c denotes consumption. Each of these agents has T hours of time (monthly) to allocate between leisure and labor. The only source of income for the agents is labor income.
Assume that the price of the consumption good (denote it by P) is exogenously given and equal to 2. Use W to denote the hourly nominal wage in the economy
Using the following equations Qs = 13,000P and Qd = 48,000-6,000P. Plot supply and demand curves (require a graph). Determine the equilibrium price?
Why did the prices of the other items change? What is the probable impact of the change of other items in the CPI basket?
Identify the stocking rate that you would suggest to a risk averse farmer and explain why you would recommend this stocking rate.
Explain the three types of goods: search goods, experience goods and credence goods. What type of advertising would firms likely use for each type of good and why?
When McDonald's corp. reduced the price of its big mac by 75% if customers also purchased french fries and a soft drink. The Wall Street Journal reported that the company was hoping the novel promotion would revive U.S sales growth.
What would be the appropriate fiscal policy to help our economy? Please evaluate how our economy is doing and why you selected your respective fiscal policy action. What are some of the challenges of using fiscal policy to sta..
Calculate the firm's profit-maximizing output level assuming the current price of widgets is $1 . 75 and calculate the equilibrium price/output solution. Explain your answers and show all work.
what is the full definition of imports and exports tell me all about international trade and domestic trade. what are the advantages and disadvantages of imports and exports of goods what are the problems of exports and importsof goods
However, rather than having data on individual workers, you have access to data on manufacturing firms in Ohio. in particular, for each firm, you have information on hours of job training per worker(training) and number of nondirective items produ..
Discuss the relationship existing between production and cost. What is the MC function of the above TC function?
Increasing jet fuel values recently led most major United States airlines to raise fares by approximately 15%. Describe how this substantial increase in airfares would affect the following;
Which of the following statements about the distribution of physicians among specialties is true in the United States?a) The majority of physicians specialize in general/family practice b)There are twice as many generalists as there are specialists
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd