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Discuss and explain wage determination in a labor market in which workers are unorganized and many companies actively compete for the services of labor. Demonstrate 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 company, identify total revenue, total wage cost, and revenue available for the payment of non-labor resources.
what is the least-cost input-combination of labor and capital and how much output is produced with that set of resources?
A manager hires labor and rents capital equipment in a competitive market. The current wage is $6.00 per hour and capital is rented at $12.00 per hour.
Describe the concept of the law of "diminishing returns" and why does it take place only in short run? Differentiate between "the long run return to scale" and "economies of scale."
Suppose an airline flying on the Charolette-Chicago route has estimated the demand curves for three different types of customers: business (no advance purchase), leisure (7 day advance purchase), and discount (14 day advance purchase) travellers. ..
Suppose demand function has changed t0o Qd2 = 14-P. Find the new equilibrium price and quantity?
Use demand and supply analysis to illustrate the changes in chicken prices described in the article. Describe what has happened in the corn and soybean-meal markets and how that has influenced the chicken market.
What is the equilibrium? If the government freezes the price of gasoline at its initial equilibrium price, how much of a surplus or shortage will exist when supply is reduced as described above?
A firm produces 10 units per week at a price of $500 each. With AFC of $100 and AVC $350 per unit, the firm is earning economic profits of $500 per week.
What are equations for IS and LM curves? What is equilibrium level of income and interest rate? What if mix of fiscal and monetary policies is changed. Te money supply is increased by 100 while government spending reduced by 250:
What specific standard is applied to a firm whose only contact with a forum state is through its Internet site? If you had an eBusiness, what could you do in order to limit your liability to suit in multiple jurisdictions?
Sketch a production possibilities curve (not a straight line), with consumer goods on the horizontal axis and capital goods on the vertical axis.
Recent health reports indicate that calcium is asorbed better in natural forms as milk, and at the same time, the cost of milking equipment rises. Examine the probable effects on the market.
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