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In the article entitled "The Economic Effects of Labor Unions Revisited," Vedder and Galloway attempt to prove statistically, using historical data, that labor unions do not have a good effect on the economy. Read the article, and explain the following microeconomic concepts that the authors discuss and how they are related to unions:· Demand, supply, and equilibrium wage rates of labor· Unemployment· Deadweight welfare loss· Elasticity· Real GDP and economic growth· Income per capita· Population growth and aging· Marginal costs, marginal revenues, and profitsThe article focuses on harmful economic effects, but also mentions some positive aspects. What are they? Does moral hazard apply to unions? Why or why not?
Compute the marginal rate of substitution of apples for bananas using the marginal utilities. Compute the value of the MRS at (2,4) and at (1, 16).
Cost-Plus Pricing. Wendel Stove Company is developing a "professional" model stove aimed at the home market. The company estimates that variable costs will be $2,000 per unit and fixed costs will be $10,000,000 per year.
1.Flank defense: protecting a weak flack by erecting outposts 2.Contraction defense: giving up weaker territories and reassigning resources to stringer territories. what's the diffrence between Flank defense and Contraction defense?
What would happen to equilibrium GDP if the rate of investment increased to $250 from current $200 billion per year? If net exports go up by $20 billion what would happen to Equilibrium GDP?
Will fields with both oil and gas have greater difficulties in unitization, than the fields with oil or gas alone? Explain.
If you are a manufacturer do you necessarily want the gray market to cease to exist? Why or why not? How about if you are a franchised dealer?
How many units should each plant produce to maximize profit at that price and a perfect competitive firm faces a market price of $10 for its output X
what is the concentration ratio for the industry x and y. (number of firm) ----(industry x) ------ (industry y) (1) -----------------------8,750-------- --------1,750 (2) -----------------------7,500---------------- 1,725
A negative externality created by a producer means that from the standpoint of the public's well being and for the producer and his/her industry in question Even a perfectly competitive market may produce too little of a good
Calculate the effect of the wage subsidy of consumer surplus and producer surplus and What are the equations for the (long-run) expansion paths
What would be the appropriate fiscal policy to help our economy? Please evaluate how our economy is doing and why you selected your respective fiscal policy action. What are some of the challenges of using fiscal policy to sta..
EconS 323 Problem Set 7'4, Questions on Hedonic Wage Theory and Employee Benefits, Risk and earnings, Teacher Quality and Compensating Wage Differentials
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