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Suppose that workers become concerned about the future and therefore wish to increase their hours of work relative to leisure. At the same time, there is an increase in the capital stock, making workers more productive.
a. Draw a graph of the labor market, showing the effect of these changes.
b. Can you predict the effect on equilibrium employment? On the real wage?
Proponents of government spending claim that it provides public goods that markets generally do not, such as military defense, enforcement of contracts, and police services. Standard economic theory holds that individuals have little incentive to ..
the present value of his endowment would be what? I know the answer is 2500, but I need to know HOW you get this?
A typical university football event need alumni to join one of many booster club before the person can buy season tickets.
Based on the assumption that each family spends $100 plus one-half of its total income each week, what is the total weekly consumption spending of a poor family prior to instituting the tax? What is the total weekly consumption spending of a rich ..
What is the firm’s total revenue and total amount paid for labor at the level of labor input you determined in (b)?
In a market economy, investors have a strong incentive to undertake profitable investments. What makes an investment profitable? Do profitable investments create wealth? Why or why not? Do all investments create wealth? Discuss.
A copper mining operation discharges waste products into a river and causes higher costs and discomfort to downstream users of the water.
Assume the damages resulting from a particular type of pollution are uncertain. Policy makers are able to asses the average level of damages, and can choose a policy instrument that will internalize the average level of externality leading to what..
A smart card, also known as an electronic purse, is a plastic card that can be loaded with a monetary value. Its developers argue that, once widely accepted, it could replace the use of currency in vending machines, parking meters, and elsewhere.
Consider a profit maximizing firm producing a differentiated product by use of capital and labour. Although the firm can use both capital and labour as inputs, and it is fairly easy to substitute between these inputs, the firm relies heavily on la..
Assume each worker is paid $10 per hour and works a 40-hours week. How many workers should the firm hire if the price of the output is $ 10? Suppose the price of the output falls to $7.50.What do you think would be the short-run impact on the firm..
a. Anticipated changes in aggregate demand effect only the price level; they have no effect on real output. b. downward wage inflexability means that declines in aggregate demand can cause long lasting recession. c. Changes in money supply M increas..
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