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Suppose an individual is faced with two goods: income and leisure. The basic wage rate is 8 dollars per hour but if the individual works more than 8 hours a day, he or she get's an overtime pay of $12 .
a. Draw the budget line for this individual.
b. Show how a change in the overtime rate may lead to a "big" change in the number of hours for which the consumer would like to work.
Explain how the short-run Phillips curve, the long-run Phillips curve, the short-run aggregate supply curve, the long-run aggregate supply curve, and the natural rate hypothesis are all related.
Compare these results to those predicted by the equilibrium business cycle model developed by Barro throughout the text.
Now suppose as a result of a mandated increase in the minimum wage the wage increases to $80. What would be the implication of this change for this firm?
the market for a new refrigerator for your company's lounge also You've narrowed down the search to two models.
Calculate the APP, MPP and elasticity of production at different production levels and how many stages of production does this function represent? Mention them.
q.consider a market with demand q 10 - p. currently there is an incumbent in the market with capacity k. there is a
Explain how are money cost and opportunity cost related to each other. If markets function well, they are closely related. They are always identical in any economic system.
Determine its level of profit. (b) Suppose that a fixed costs increase to $75. Verify that this change in fixed costs does not affect the firm's optimal output.
The client would like to know what output level should it select that will keep the competitor from changing its output.
Calculate point price elasticities of demand for each customer product at activity levels identified in part A.
Reasonable to assume that disutility of pollution is related to flow of new pollutants and it is thus adequate to use a static model. What are n predictions of model.
Suppose the dollar exchange rates of the euro and the yen are equally variable. Which currency, the euro or the yen, would you consider riskier.
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