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Describe the factors that influence wage setting. Write down the equation that represents wage setting, describe the effect of each factor in the equation/function, and draw the corresponding diagram. Clearly state the assumptions behind your analysis.
Two rms sell identical products and compete as Cournot (price-setting) competitors in a market with a demand of p = 150 - Q. Each rm has a constant marginal and average cost of $3 per unit of output. Compute each rm's best response function. Plot eac..
The classical dichotomy and the neutrality of money. Which of the following give the nominal value of a variable? Check all that apply. Which of the following give the real value of a variable?
Assume that labor demand for engineering is perfectly inelastic and is given by the equation L^d=300, while the supply curve for engineering is given as L^s=210 +10W represents the hourly wage rate. what is the level of employment, wage and, unemploy..
Suppose David spends his income (I) on two goods, x and y, whose market prices are px and py, respectively. His preferences are represented by the utility function u (xy)= lnx + 2 ln y (MUx=1/x, MUy=2/y). Derive his demand functions for x and y.
Sexual violence in jails and prisons has been discussed in the textbook in several chapters. This unit’s required reading also discusses it. Do you think that the new Prison Rape Elimination Act will make an impact in curbing this problem? Does the n..
A monopolist selling several different products can sometimes "price discriminate" by bundling products together. Here's an example. Suppose the university is planning to offer a series of two concerts. The first program in the series consists of mus..
q1. what is the appropriate balance between private and public i.e. government activity? think of a case where the
Unemployment is one of the major concerns that people have in today’s economy, since losing one’s job can be one of the most devastating events a person can experience. What is the labor force participation rate? What was the labor force participatio..
The inverse demand function of a group of consumers for a given type of widgets is given by the following expression: π = −10q + 2000[$] where q is the demand and π is the unit price for this product. Determine the maximum consumption of these consum..
Consider a market where supply and demand are given by QXS = -16 + PX and QXd = 92 - 2PX. Suppose the government imposes a price floor of $40, and agrees to purchase any and all units consumers do not buy at the floor price of $40 per unit. Determine..
Organizational behavior-A strong social and physical work context means that environment is supportive. Give real examples of how this works.
Also assume that the per unit cost of capital is $10. Since the firm has two units of capital, the firm's total fixed cost is $20. Also assume that the cost of each unit of labor is $50. What is the average total cost when two units of labor (L) a..
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