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Wage determination
Describe wage determination in a labor market in which workers are unorganized and many firms actively compete for the services of labor. Show this situation graphically, using W1 to indicate the equilibrium wage rate and Q1 to show the number of workers hired by the firms as a group. Show the labor supply curve of the individual firm and compare it with that of the total market. Why the differences? In the diagram representing the firm, identify total revenue, total wage cost, and revenue available for the payment of non-labor resources.
Elucidate the steady state level of capital and how savings affects output and economic growth. This provides a brief introduction to the solow framework.
Illustrate what happens if there is an raise in demand that increases the price of the firm's product by 10%.
Briefly discuss and illustrate the circumstances under which the minimum wage would (1) not lead to unemployement, amd (2) not cause a reduction in the total earnings of low-wage workers who are still employed.
Describe the price and quantity for maximum sales revenue and calculate the maximum revenue. Determine the price and quantity for minimum marginal costs and calculate the minimum marginal cost.
Illustrate how you would use the rest of the information above to better assess the impact of the influx of immigrants.
Illustrate and explain the interaction of households, businesses, government and global markets in the circular flow of economic activity.
In a closed economy without a government sector, consumption is determined as 80% of the income available to households. Investment is autonomous at a level of £450.
Impact of technology advance a monopolist has the following demand function: Solve for the price and quantity that the monopolist would choose to minimize its profit. And also calculate the resulting profit.
Among which method of encouraging growth would one suggest for these typical companies in these 2 countries.
You are the manager of a small U.S. firm that sells nails in a competitive U.S. market (the nails you sell are a standardized commodity; stores view your mails as identical to those available from hundreds of other firms).
Suppose the problems that hinder growth in developing economies are poor infrastructure, lack of financial institutions and a sound of money supply.
Use the utility function to answer the questions, below: (x1, x2) = exp (√(x 1 ) + √(x 2 )-Derive the Marshallian (ordinary) demand function for good1 and 2, x i *(p,l), i =1,2 . Then derive the indirect utility function (p,l).
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