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Suppose that one firm is the only employer of a certain labor service (i.e., the firm is a monopsonist). Assume its MRPL is given by L= 11 w and the labor supply is L = W.
(a) What is the wage paid and the number of labor hours hired by the profit maximizing monopsonist?
(b) What would be the wage and number of labor hours if the labor market were perfectly competitive?
(c) If a minimum wage law is passed that requires the monopsonist to pay at least $5.50 per hour, how will this affect employment?
Steve believes that Monica has a 25% chance of be Illustrate what is Steve's expected utility from buying.
how fiscal policy can ‘stabilize' economy. What about government borrowing and public debt.
Has the United States become more or less economically free during the past decade? What impact will this have on the future economic growth of the United States.
What price are individuals with $5,000 in the bank willing to pay for the insurance. Will those with $5,000 in the bank voluntarily purchase insurance.
The state government collected all taxes due, but its tax revenues were equal to $40 million each year. What happened to the sales tax base between 2006 and 2007? What could account for this result?
The direct and excess burdens from an excise tax are greater the less elastic is demand in the market. Real national income can never exceed its potential level.
Define three types of elasticity of demand. Indicate how you would use information from recent research paid by your company that the own price elasticity of your product is -1.2 and not -0.8 as previously thought.
George, who owns and runs Tots Poses, expects to encounter an average of eight customers per day, each with a reservation price shown in following table. What are total revenues, average revenues and marginal revenues
q.if the demand function for bananas is given by the following equationqd54000-6000pand the supply function for bananas
Describe some forms of private spending which represent consumption some forms which represent investment.
What might you reasonably expect of an industry in which firms tend to have economies of scale?
What organizational characteristics facilitate embracing accidents as sources of innovative products and services? Consider 3M and Post-it Notes.
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