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Suppose the wage rates of workers are based on the expected price level. If there is an unexpected increase in AD, it will cause the actual price level to increase. Then workers should raise their expected price level and negotiate a higher wage rate. when the expected price increases?
After viewing the videos included in this week's multimedia resources, reflect on the challenges facing the U.S. labor force due to outsourcing of jobs overseas. Discuss the effect of outsourcing of production on GDP.
Prove that if the value of G is v1 and the value of H is v2 , then the value of G + H is v1 + v2 . Give an example of G, H which only have a common row strategy, but for which G + H has a different value than v1 + v2.
Economics of Markets and Organizations
What are the characteristics of a Perfectly Competitive Market and what are the Characteristics of a Monopoly?
Governments have sometimes not remembered about elasticity when they formulate tax rule. A few years before the city fathers in Washington DC wanted to raise revenues so they raised gas tax by ten cents a gallon.
minimum wage legislation increases costs of production (and thus product prices) and creates an excess supply (unemployment) of unskilled labor.
If the merged firm were able to exploit economies of scale it would affect costs, may be even marginal costs. Assume the marginal cost of the merged firm was not 40, but 30. Is the merger profitable in this case?
Calculate the premerger Herfindahl-Hirschman index (HHI) for this market and suppose that any two of these firms merge. What is the post merger HHI?
The inverse demand function for natural gas in Altoona is P(q) = 11 - Q. The Altoona market has a single natural monopoly producer with a total cost function of C(Q) = 5Q - 0.005Q2.The public utilities commission is thi..
What is wrong with this statement: Whenever the industry fails to achieve allocative efficiency by producing too little output, the shortage arises.
Each instance which follows is an example of one of four types of market failure (imperfect market structure; the existence of public goods; the presence of external costs and benefits; and imperfect information).
What would happen to each of the following economic varibles if the government increased the money supply by 20% per year: M1, interest rates, inflation and wages What impact does increasing or decreasing the printing of money have on the economy ..
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