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Consider the Lee-Malthus model as presented in lecture with the following modification: Suppose now that the birth schedule is not a concave function of wages but rather a convex function of wages. Furthermore, assume that the birth and death schedules meet at an equilibrium point (w*), but that at wages greater than w*, b(w) < d(w). Draw and label the diagram, and be sure to label the curves and the axis in the diagram(s). Label the equilibrium wage as w* and the equilibrium population as p*. Now suppose that there is technological change (an increase in the marginal productivity of labor). Draw this change in the diagram. Describe, in words, what happens after the technological change. What happens to the wage in the long run? What happens to the population size in the long run? Does the Iron Law of Wages (where Malthus asserted that technological change would not improve human living standards) hold in this case? Why or why not?
Illustrate what are the five specific events that can be expected to cause the equilibrium price of ice cream to increase.
Illustrate what recieves goverment subsides that are in place to protect the population rather than for economic reasons.
How will this affect the firm’s profit maximizing use of coal and output? d) What is the advantage and the disadvantage of placing a tax on the burning of coal to reduce global warming?
When workers already have a large quantity of capital to use in producing goods and services, giving them an additional unit of capital increases their productivity only slightly.
Explain how is the activity reflected on the balance on current ccount different from the activity reflected on the capital.
Illustrate what way are entrepreneurs also businesses at the helm of the economy but commanded by consumers.
Assume to the firms act independently as in the Cournot model. Determine the long run equilibrium output also selling price for each firm.
A major Statistics Canada household survey, the Survey of Labour and Income Dynamics or SLID, the latest of which is referred to as SLID 2009.
The text noted that money performs three basic functions. Select one of these functions and describe the ways rapid inflation could undermine money's ability to perform the function you selected.
Elucidate the difference among nominal and real variables and give tow examples of each. According to the principle of monetary neutrality, which variables are affected by changes in the quantity of money.
Consider we did technological change in the class where it does contribute to one side of the production use that to understand the problem.
Explain what should be the production level if fixed costs rose to $70,000 per month. what should be the production level if the producer operates in a monopolistic competitive market where the price of software at each possible quantity.
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