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Marginal product of labor,
A firm identifies the following relationship between the real wage it pays and the effort exerted by its workers:Real Wage Effort
8 79 1012 1513 1716 1917 20
The marginal product of labor for this firm isMPN = E(100 - N) / 15
Where E is the effort level and N is the number of workers employed. If the firm can pay only one of the six wage levels shown, which should it choose? How many workers will it employ?
There are 200 workers in the town where the firm is located, all willing to work at a real wage of 8. Does this fact change your answer to the first part of this question? If so, how?
If velocity is unchanged and the money supply grows by 13% and the real GDP grows by 4%, what is the rate of inflation?
Suppose the government is concerned that the going wage rate of $6 per hour for low skilled workers is too low.
You will be asked to collect five (5) newspaper articles relating to subjects we are covering in the class. As we cover the various chapters you should be actively searching newspapers/magazines to find articles.
How many cases of peaches will be produced per week during the growing season, and what will the selling price per case be if producers ignore the marginal external costs imposed on others?
Consider a firm that has just built a plant, which cost $20,000. Each worker costs $5.00 per hour. Based on this information, fill in the table below:
Now, assume the ECB also employs comparably aggressive policy. Copy your results from the left graph and show on the right graph how the ECB could affect the USD/EUR exchange rate.
Discuss the short-run movement toward equilibrium in the currency markets in a flexible exchange system.
Calculate the effect of the following events on the monetary base:
Suppose that there are N firms in a competitive industry-Calculate the number of firms that will be in the industry in the long run and what will be the profit of each? Explain.
Analyze the factors that influence the banks desired excess reserve ratio, r e . What would happen to the magnitude of r e if:
The questions posed are broad and open ended so be careful to allow yourself enough research and planning time.
How much does it choose to sell when it enters the market? What is the resultant market price? How much does each of the two firms earn in profits?
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