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Question
(a) Let the utility function be U = log(x) - l, where l is labour and x is consumption. Find the level of labour supply if the wage rate w=10.
(b) If an overtime premium is introduced which raises w to 12 for all excess hours, what is the effect on labour supply?
(c) Clarify your answer using a diagram.
Choose a United States multinational company. In terms of currency denomination, discuss how the company values its revenues and costs.
Suppose that perfectly competitive firm faces the market price (P) $5 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curve at an output (Q) level of 1,500 units.
Assume that a new law stated that any person could print their own money. Determine what kind of changes would come about in daily commercial transactions as a result of such a law?
In a practical sense, write your opinions on the effect a rule stating that university students must live in university dormitories would have on the price elasticity of demand for dormitory space.
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution.
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Briefly list and elaborate on the factors that will be affecting the demand for the following products in the next several years. Do you think these factors will cause the demand to increase or decrease?
You're the GM of firm that manufactures PC's. Demand for them has dropped 50%, thanks to soft economy. The sales manager has identified only one potential client, who has received many quotes for 10000 new PC's.
Assignment on Supply, Demand & Taxes, Supply, Demand, and Taxes, The market for tennis shoes exhibits the following supply and demand schedules:
Case study any global economic event or events currently or recently covered in the news media and write a critical essay applying the concept points
What key economic concepts underlie the employ of discount coupons by businesses?
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