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You are a manager of a large but privately held online retailer that currently uses 17 unskilled workers and 6 semiskilled workers at its warehouse to box and ship the products it sells online. Your company pays its unskilled workers the minimum wage, but pays its semiskilled workers $7.75 per hour. On January 17, 2007, you read an article in The Wall Street Journal reporting that the House of Representatives passed (by three to one margin) legislation that would increase the minimum wage from $5.15 to $7.25 per hour over two years. Discuss the implication of this legislation on your company's operations and in particular the implications for your optimal mix of inputs and long-run investment decisions.
Suppose the domestic appliances industry faces severe foreign competition, and asks you to prepare a position paper its lobbyist.
Assuming no population growth or technological progress, find the steady state capital stock per worker, output per worker, consumption per worker and investment per worker given that the rate of saving is 20% and depreciation rate is 10%.
The Mor Tex Company assembles Garments by hand even though a textile machine exists that can assemble garments faster than a human.
You're the manager of copies are us. The only copy store in town, the carbon copy, recently got bids on adding a colour copier.
Calculate total factor productivity growth (our measure of technological progress) for each country using the growth accounting framework discussed in class.
Suppose that the domestic demand and supply for hats in a small open economy are given by-Where Q denotes quantity and P denotes price.
What price will the monopolist charge and how much output will he produce? Sketch a diagram of this market and show the equilibrium price and quantity. In addition, calculate the firm's profits.
Suppose the slope of the consumption function is 0.75 and there was an increase in income of $100. Calculate the increase in consumption.
Mention and explain the two types of inflation. Which sort of inflation would most likely be associated with the negative GDP?
Suppose we have a competitive market for a good with domestic demand and supply given by:
Mention and describe the three theories for why the short-run aggregate-supply curve is upward sloping.
How income may change savings behavior
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