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Instaed of a minimum wage, suppose there is unemployment benefit that pays $50 per day. Workers are indifferent between earning a wage of $50 per day and remaining unemployed and collecting the benefit.
Demonstrarte using work/leisure diagram that this unemployment benefit reduces incentives.
Find (algebraically) the points where the MC function intercepts the AVC and the ATC functions. (Hint: at one interception point MC = AVC and at the other MC = ATC)
Show the first and second order condition for profit maximization. Illustrate what is the price elasticity of demand faced by this monopolist.
1. Who has absolute advantange in chocolates Who has absolute advantage in shirts 2. Who has comparative advantage in chocolates Who has comparative advantage in shirts 3. If these nations trade freely, what does the U.S. import from Switzerland
1. Draw the payoff matrix (note that Time Warner and District 6SW are the only ones in the market. 2. Based on the payoff matrix what recommendation would you give regarding whether Time Warner should maintain its current price or reduce it to $84..
Elucidate if you expect the inflation rate to accelerate if the actual unemployment rate declined to a level lower than the "full employment" unemployment rate.
Elucidate how could this technological change contribute to ending bottlenecks and rush hour congestion. What are some of the problems that might develop with such a system.
Explain the difference between demand pull inflation and cost-push inflation, illustrating your answer with examples of each
Motivation (Why are you doing this study? To get clarification on whether the current policy in place is optimal choice) Brief (conflicting theory (ricardian and Keynesian)
Explain with the aid of a diagram what happens to the money supply, money demand, the value of money, and the price level if people demand less money at every price level.
In the early 1980's, planners were examining alternate sites for a new London airport.The economic analysis included the value of structures that would need to be removed from various airport sites. At one potential site, the twelfth-century Norma..
Consider the difference between the New Classical and Keynesian model regarding macro policy. What is the driving force creating growth in the economy in each model Why does each one say that item creates growth Explain.
Evaluate: "The fact that some airplanes collide is evidence there is 'too little air traffic control'." (Be sure to explain what too little might mean.)
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