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suppose alternatively that the government chooses to make military service voluntary. As in in part (a), the government needs a units of the representative consumer's time to run the military, but must now purchase this time at the going market real wage. Assume that the government uses lump-sum, taxation to fund the wage payments for military service. Again, use a diagram to show the effects on aggregate consumption, the real wage, leisure, employment, and aggregate output.
Market supply of labor The following table shows the hours per week supplied to a particular market by three individuals at various wage rates. Calculate the total hours per week (QT) supplied to the market.Hourly Wage Hours per week
Suppose you are the manager of a small pharmaceutical firm that received a patent on a new drug 3-years before. Despite strong sales and a low marginal cost of manufacturing the product
Why is it significant for managers to understand both short run and long run supply and demand? Please give one hypothetical or real life example which illustrates your response.
When do assumptions create in conjunction with economic theorizing have to become realistic? Can unrealistic assumptions provide useful outcomes?
Determine the price, income and cross price elasticity of demand and how would you characterize the demand for haddock?
Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
How much should this firm produce now, and what price should they charge? Explain, calculating total profit or loss earned at this quantity.
The equation QA= 1/2(12-Q)b) is the so called reation function of duopolist A in a COurnot model becasue given the value of Qb, Qa gives the best or profit-maximizing level of sales of oligopolist A. Show that this is the case with reference. Wha..
What is the approximate Herfindahl index? What is the four-firm concentration ratio?
When groups are formed, we want to consider how organizational structures, processes, and situations impact on group motivation, politics, and goals achievement. Alignment of all of these structural, personal, and interpersonal components will hel..
Specifically, you should help Nick obtain key market insights through marketing research. In addition, you should help him to determine which countries besides the U.S. (the primary target market) should be targeted to make the most out of his new..
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