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Labor Demand Elasticity and Total Income. Suppose a union s objective is to maximize the total income of nurses (total money spent by firms on nurses). At the current wage, the price elasticity of demand for nurses is 0.75 (in absolute value).
a. Should the union increase or decrease the union wage? Explain.
b. Is there a trade-off between wages and total employment?
There are two players i = 1,2. Each player announces a number xi ? {0, 1, 2,...,10}g and the announcement is done simultaneously. The one who says lower number wins. If the player wins, he gets 1$, if he loses, he gets 0.
Suppose Aunt Sophie transfers $1,000 to her savings account from her checking account. What happens to the value of M1 and to M2 Suppose Uncle Nacho sells shares of Time Warner stock for $20,000 and puts the proceeds from the sale
How does this affect the market for peanut butter?
utilize your knowledge of supply/demand analysis and show graphically the impact of a government minimum wage of $6 hour with a market wage for unskilled workers of $7 hour with 1 million workers employed at the market wage.
Consider again the Solow growth model and the following production function: a). If A = 2, L = 20,000, and K = 400, what is output b). Suppose the labor force grows by 5% so that it is now 21,000. By how much does output increase
Assume that the threatened default on the government debtdescribed in the problem on page 233 of the text has no immediateeffects on any of the "fundamentals" in the economy (C, G, T, andY). However, suppose that international investors
You are division manager at Toyota. If your marketing department estimates that the semiannual demand for the Highlander is Q = 100,000 - 1.25P, what price should you charge in order to maximizes revenues from sales of the Highlander
Similarly, calculate the F statistic from the value of R2 obtained in the earnings function fitted using your EAEF data set and check that it is equal to the value printed in the output. Perform an appropriate F test.
Construct a demand and supply diagram. Use a demand curve that you think reflects the normal short-run price elasticity of demand for gasoline and a supply curve that you think reflects the normal short-run price elasticity of supply of gasoline.
Income Savings I(planned) Consumption 200 -20 60 400 0 60 600 20 60 800 40 60 1000 60 60 1. Fill in the last column. 2. The equilibrium level of income in this example is 3. According to this data, the marginal propensity to consume is .
The Snow City Ski Resort caters to both out-of-town skiers and local skiers. The demand for ski tickets of out-of-town skiers is given by Qo = 600 - 10 Po, while the demand for ski tickets of local skiers is given by Ql = 600 - 20 Pl .
The poverty rate would be substantially lower if the market value of in-kind transfers were added family income. The largest in-kind transfer is Medicaid, the government health program for the poor. Let's say the program costs $7,000 per recipient..
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