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An internal study at Mimeo Corporation-a manufacturer of low end photocopiers-revelaled that each of its workers assembles 3 photocopiers per hour and is paid $3 dollars for each assembled copier. Although the company does not have the resources needed to supervise the workers, a full time inspector verifies the quality of each unit produced before a worker is paid for his or her output. You have been asked by your supervisor to evaluate a new proposal designed to cut costs. Under the plan, workers would be paid a fixed wage of $8 per hour. Would you favor the plan? Explain.
If the government gave each recicient family a $7,000 check instead of enrolling them in the Medicaid program most of the families would spend that money to purchase health insurance.
In recent years, scores in baseball have constantly increased. Most experts believe that this is due to expansion of new teams into the league.
Other things being equal, a rise in a country's terms of trade increases its welfare. What would happen if we relax the ceteris paribus assumption, and allow for the law of demand to operate internationally.
Suppose the firms compete by simultaneously choosing price and fine the best response function of each firm as a function of the other firm's price. Compute the equilibrium price and quantity for each firm.
What is meant by the reservation wage What factors determine the reservation wage for an individual How does the concept of the reservation wage help to explain the pattern of labour force participation within a two-partner household
Select a model that you have some experience with and determine what types of specification errors you might encounter. Provide examples to support your response.
(Functions of Money) "If an economy had only two goods (both nondurable), there would be no need for money because exchange would always be between those two goods." What important function of money does this statement disregard?
Each car manufacturer undertakes dynamic advertising campaigns seeking to persuade prospective buyers of the superior quality and better style of his cars and reacts very quickly to claims of superiority by his rivals.
Explain how GDP would return to equilibrium if it was above or below equilibrium GDP. Whenever there is change in spending, there will be a change in real GDP. Explain why this is so.
Integrating Problem From the following figure referring to a natural monopolist, indicate(a) the best level of output, price, and profits per unit and in total for the monopolist,(b) the best level of output and price with a lump sum tax that would ..
Exchange in an island economy.robin and terry are stranded on a deserted island and consume two products, coconut and fish. In a day, robin can catch 2 fish or gather 10 coconuts, and terry can catch 1 fish or gather 1 coconut.
Assume that the book printing industry is competitive and starts in a long-run equilibrium. Make a diagram describing the typical company in the industry.
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