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The demand for labor by a monopsonist is given by W^d=17-L. The inverse supply curve of labor is given by W^s=2+2L. 1. Find the corresponding total cost and marginal cost functions of this monopsonist. Assume that labor is the only input. 2. What will be equilibrium wage rate and amount of employment? 3. Now suppose that Congress passes a law establishing a minimum wage for all workers at w =12. What will be equilibrium wage rate and amount of employment? (Hint: Carefully draw the relevant curves in a diagram of the labor market, taking into account the effect of the new minimum wage.) 4. In a competitive equilibrium, minimum wages imply a reduction in employment. What happens in this case? Explain briefly
Which of the following items used to produce a product is a capital item?
For several decades the labor force participation rate of women increased steadily but average hours worked per employed woman decreased steadily. Holding all other factors constant, could rising wage rates of women explain both phenomena? Explain.
q. assume you have been hired as a managing consultant by a company to offer some advice that will help it make a
In less developed countries, what does the brain drain refer to?
Suppose the current equilibrium price of a quarter-pound hamburger is $5 and 10 million quarter-pound hamburgers are sold per month. After the federal government imposes a tax of $.50 per hamburger, the equilibrium price of hamburgers rises to $5.20 ..
The XYZ Company is a porfit-maximizing firm with a monopoly in the production of UIC sweatshirts. The firm sells UIC sweatshirts for $25 each. We can conclude, therefore, that XYZ Company is producing at a level of output at which: Assume a monopolis..
As Bavarian Crystal Works is only one for many crystal producers in the world market, it can wholesale as many of the decanters as it wishes for $50 apiece.
The model of the market for loanable funds shows that an investment tax credit will cause interest rates and investment to rise. Yet our model of how investors behave claims that higher interest rates lead to lower investment. How can these two oppos..
Explain principles related to being an Ethical Team Builder. Compare and contrast with what is going on in a previous or current organization that you have worked with.
Assuming that the current production rates are maintained at the three assembly plants, which alternative should management select?
Income from recycling plastics is expected to be $2000 in Year 1 and increase by $500 a year for each of the next 5 years if you buy a sorting machine. Draw a cash flow diagram showing your expected income in years 1, 2, 3, 4, 5, and 6 assuming you b..
The Einstein Bagel Corp. has used a frequent buyer program whereby a consumer receives a stamp each time she purchases one dozen bagels for $6. After a consumer accrues 10 stamps, she receives one dozen bagels free. Given this information, construct ..
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