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Draw a new graph of labor market equilibrium and label values for the initial real wage and employment.
a. Draw a graph of the firm’s marginal product of labor, assume a fixed value for the real wage, and describe how the firm decides how much labor to hire. How is the marginal product of labor related to labor demand?
b. How does an increase in total factor productivity affect labor demand? Draw this on your original graph of labor market equilibrium and label new equilibrium points.
c. Write the expression for potential output. How does the increase in total factor productivity affect potential output? Explain.
What are required reserves? What are excess reserves? Explain how the Fed can affect the quantity of excess reserves in the banking system. Explain why an individual bank can increase the money supply by the amount of its excess reserves, whereas the..
what would be best advice to a person who wants to lean more about political issues. Watch only television news and commentary shows daily.
Gliberace's Fashion Accessories of Las Vegas produces gem-stone encrusted formal wear for sale in Los Angeles and San Francisco subject to total cost TC = 100 + 5(QLA + QSF). Demand for Gliberace's stones in the two cities is given by QLA = 70 - 2PLA..
q. forey inc. competes against many other firms in a highly competitive business. over the last decade several firms
Define and identify the market for each of the following products in terms of (1) market scope (local, regional, national, international( state your reasons why you classify them as local, regional, national or global in scope),
For retirement planning, you decide to deposit $703 at the end of every quarter and increase your deposit by $36 each quarter. How much will you have at the end of 25 years if the bank pays a nominal annual rate of 6% compounded quarterly?
Fiscal policy changes automatically when output and employment fluctuate a. Explain why tax revenue changes during a recession b. Explain why government spending changes during a recession c. If the federal government was required to operate under a ..
If asked to find a supply function for a firm in the long run, the easy for doing it is to compare AC to MC. In some cases though, that does not give the correct answer, and the profit function must be used. Can you advise in what cases this is true?..
Why did people believe the difficulties Aisian economies were expericing in 1997-1998
Jim spends all his income on apartment rent, food, clothing, and vacations. He gets a pay raise from $3,000 a month to $4,000 a month. At the same time, airfares and other vacation-related expenses increase by 50 percent. How has Jim’s budget in term..
Brand X contains 20, 2 and 1 units of the minerals, while Brand Y contains 4, 1, 2 units of the minerals respectively. Brand X costs $18 per kg while Brand Y costs 6 per kg.
Products become obsolete and are replaced by new goods, such as the typewriter. Draw supply and demand graphs and describe what results when this occurs.
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