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The VMP of each worker
Workers start at firm A when they are 18. The VMP of each worker remains $18 throughout their work life.
Given the firm's concern that workers shirk, they start workers at $10 and increase the pay by $0.40 each year they are on the job.
Assume that the firm does not have a pension plan and r=0 for all workers.
(i) For what ages will workers be paid above their VMP?
(ii) Show whether this firm opposes legislation prohibiting mandatory retirement for workers under 65.
(iii) At what age would they begin to oppose legislation?
Describe the idea of trade offs cost also benefit analysis when answering the above question.
Finding the short run and long run profit maximizing price - quantity and number of firms in industry.
Mention and explain the two types of inflation. Which sort of inflation would most likely be associated with the negative GDP?
A monopolist has a constant marginal and average cost of $10 and faces a demand curve of Q D -Calculate the monopolist's profit maximizing quantity, price and profit.
The Mor Tex Company assembles Garments by hand even though a textile machine exists that can assemble garments faster than a human.
Testifying at a price fixing trial involving Cargill Corp. and the market for chicken growth hormone, (in which the Cargill is one of only three firms worldwide), an executive for Perdue said
The BLS estimates that in 2002, the number of working-age adults was 211.9 million, labour force was 141.8 million, and the total number of employed was 135.1 million. Calculate the following:
You are a manager of a large but privately held online retailer that currently uses 17 unskilled workers and 6 semiskilled workers at its warehouse to box and ship the products it sells online.
According to a recent article in the Wall Street Journal, side-impact crashes are among the deadliest, accounting for nearly 10,000 deaths per year.
Suppose you own a home remodelling company. You are currently earning short-run profits. The home remodelling industry is an increasing-cost industry. In the long run, what do you expect will happen to
A monopolist encounters the following demand curve: P=120-0.02Q-What is the level of production, price and total profits per week?
Illustrate and explain the interaction of households, businesses, government and global markets in the circular flow of economic activity.
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