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. (Opportunity Cost and Economic Rent) Define economic rent. In the graph below, assume that the market demand curve for labor is initially D1.
a. Illustrate what are the equilibrium wage rate and level of employment? What is the amount of economic rent?
b. Next assume that the price of a substitute resource increases, other things constant. What happens to demand for labor? What are the new equilibrium wage rate and level of employment? What happens to the amount of economic rent?
c. Suppose instead that demand for the final product drops, other things constant. Using labor demand curve D1 as your starting point, what happens to demand for labor? What are the new equilibrium wage rate and level of employment? Does the amount of economic rent change?
Explain how many histories/game tree nodes are there where P2 has to move? P1.
One point made is that most demand curves are downward sloping. Can you think of any situation where an individual's demand curve for a product is upward sloping.
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European retailers utilize a wide variety of government regulations to restrict entry.
he perfectly competitive form maximizes profits by producing 10 units of output. At what price does it sell these units.
Using appropriate diagrams and notations, carefully explain the relationship between elasticity, total revenue and marginal revenue. Describe the uses of elasticity of demand.
Interest on the public debt is included as a part of government purchases in the determining GDP may arise since.
Calculate the elasticities for each of the variables. On this basic, discuss the relative impact that each variable has on the demand. What implications do these results have for the firm's marketing and pricing policies.
Producing nations outside the organization, like Britain and Norway, should do their share and cut production.
Compare the competitive price charged and quantity produced under perfect competition and monopoly. Other than identifying the presence of only one producer under monopoly, why do we tend to see this differential.
Illustrate what is the cooperative surplus. $100, the cost of litigating. What would be a reasonable settlement for Betty to pay What Arthur.
Illustrate what do the results tell you about the relative size of the income also substitution effects for leisure for Jake.
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