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We say that the demand for labor is a derived demand because:
labor is a necessary input in the production of every good or service.
we demand the product that labor helps produce rather than labor service per se.
the forces of supply and demand do not apply directly to labor markets.
labor is hired using the MRP = MRC rule.
Assume the average worker has 100 hours of leisure and could earn $10 an hour. Suppose the social security disability insurance (DI) program was structured so that otherwise eligible recipients lost their entire disability benefit if they had any lab..
A rise in the rate of inflation, given a fixed nominal interest rate will cause:
A patient has a choice of spending $ 33,000 on a procedure in Hospital XXX or $24,000 on the same procedure in Hospital YYY. She is observed checking into Hospital YYY. Does this mean the consumer prefers Hospital YYY?
Extensive margin models use Rogerson (1988) style lotteries in order to simplify the savings problem under non-full-insurance.
Include ideas on productivity and savings rates. What changes took place during the Industrial Revolution that made sustained economic growth possible?
What is the amount of this bank's deposits that are in M2? What is the amount of this bank's reserves?
What are the terms of trade? (At what rate would you each be willing to trade?) f. Using graphs for both you and Pat, show that trade allows each of you to achieve a point on your consumption possibilities curve which is greater t..
A farm must decide whether or not to purchase anew tractor. The tractor will reduce costs by $2,000 in the first year,$2,500 in the second and $3,000 in the third and final year of usefulness. The tractor costs $9,000 today, while the above cost savi..
Assume that the society decided to reduce consumption also increase investment. Explain how would this change effect economic growth.
The law of demand implies that when the price of a good rises, people buy less of it. This makes the demand curve slope monotonically downwards. But take a stock on the rise; might there not at least be one tendency for people to buy more of it under..
Which in turn depends on the animal's access to grazing which depends on the number of llamas sent to the commons.
Hollywood screenwriters negotiate a new agreement with movie producers stipulating that they will receive 10% of the revenue from every video rental of a movie they authored. They have no such agreement for movies shown on on-demand television. When ..
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