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Consider an economy with the production function Y = L^(1 / 3)
a) Derive the Labor demand Curve
b) If Labor supply curve is Ls = (w / p) , calculate the equilibrium levels of real wage, labor and output.
c) Assume M s = 45 and k = 3 . What is the equation of the aggregate demand curve for this example? What is the price level? What is the nominal wage level.
d) Show equilibrium in labor market / output market / money market by using the graphical analysis of "The Complete Theory of Aggregate Demand and Supply"
elucidate the effects of such expectations on the following variables today: output (Y), nominal interest rate (i), exchange rate (E), investment (I) and trade balance
Suppose the National Commerce Bank has just started its operation with $10 million of Capital. On the first day, it receives total checkable deposits of $90million. The bank makes $30 million commercial loans and as safe investment it buys T-bill for..
Does disposable income measure the before-tax income received by resource suppliers
Mrs. Siegal has two alternative activities to help relieve her backache. In the first, she can visit a physiotherapist. The total time for a physiotherapist visit, including travel and waiting, is two hours. Mrs. Siegal earns a wage of $20 an hour. P..
what is the resulting outcome of the game? (b) Suppose now that dierent players obtain dierent shares (adding up to 1) when the majority vote is not passed. What happens in a SPNE then?
Given the production function between nurse hours and patient visits per day to a community clinic, how will each of the following shift this function: A change inures remuneration from salary to fee for service. A change in the case mix of patients,..
Alex took clothes to the cleaners three times last month. First, he brought 4 shirts and 1 pair of slacks and paid $14.45. Then he brought 6 shirts, 4 pairs of slacks, and 1 sports coat and paid $40.39. Finally, he brought 3 shirts and 1 sports coat ..
Determine if the firm's mix of inputs is optimal. Explain. If your answer to "b" is no, what should the firm do to improve its performance? Explain.
How does capital investment affect the marginal physical product of labor? Does more college education have the same kind of effect? Which is a better investment?
How might oligopolistic increase total revenue without changing prices.
Elucidate reason for both wage and cost rigidities including policy implications for se rigidities. Would you conclude on se reasons suggested by New Keynesian economists as relevant to unemployment situation in South Africa.
(Arbitrage) A supplier is selling hammers in two cities, Pleasantville and Happy Valley. It costs him $5.00 per hammer delivered in each city. Let p1 be the price of hammers in Pleasantville and p2 be the price of hammers in Happy Valley. Assuming th..
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