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Labor market ex for monopsonist. Labor Demand is Qd= 220-5w. Labor supply is Qs=-45+8w. Union has no market power, and so league acts as a monoposonsit facing marginal expenditure curve. ME=Q/4+5.624 (This is the derivative of (labor supply curve solved for wage* Q) w/respect to q) find Eqm. labor and wage in this market.
Now assume the league has no market power, players act as craft unction and restrict # players hired in the league to 100. What is Eqm. Wage in this case?
From California to New York, legislative bodies across the United States are considering eliminating or reducing the surcharges that banks impose on noncustomers, who make $14 million in withdrawals from other banks’ ATM machines. What would be the f..
Are monopolists guaranteed of making economic profits? Explain the long run equilibrium situation for a monopolistically competitive industry. Give two examples of industries that fit under this category.
Last year, Jarod left a job that pays $80,000 to run his own bike-repair shop. Jarod’s shop charges $65 for a repair, and last year the shop performed 5,000 repairs. Jarod’s production costs for the year included rent, wages, and equipment. Jarod spe..
The Federal Reserve uses the federal funds rate as an operating target because
We use a number of contemporary technologies to enhance services that we provide for our customers. One such technology known as ____________ allows us to observationally track products and services in transport.
The world becomes a single market, some new approach must be developed to control the reach of the corporate oligopolies.
The company's settlement obligations are expected to raise its average total cost per pack by about $60. Illustrate what effect will this have on its optimal price.
Assume the longer the search goes, the lower price the consumer would pay for the good. Furthermore, assume there are diminishing returns to the search since it is harder to find even lower prices as the search continues; that is: p?(t) > 0. Without ..
The deadweight loss of taxation increases with the square of the tax rate. Explain this proposition. What are its implications for the design of a value-added tax such as the GST in Canada? Is this a case in which efficiency considerations are diamet..
Which of the subsequent is always true after an economy reaches balanced growth equilibrium.
What is the profit-maximizing rate of output for the firm?( b ) How much profit does the firm earn at that rate of output?
The market for qbits is initially competitive and the market demand is: P = 400 - 0.4Qd. The combined marginal costs of the firms in the qbit industry are: MC = 50 + 0.6Q. Draw the demand, and marginal cost curves. Calculate and show how much these f..
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