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Suppose you want to estimate the following labor supply equation:
Annual Work Hours = ? + ?*(Average Hourly Wage) + ?
You gather data on US workers aged 22 to 55 from the Current Population Survey. You define the Average Hourly Wage as self-reported total annual labor income divided by self-reported total annual work hours.
a. Describe in words how to interpret the coefficient? (Ignore any concerns about causality now).
b. Give two separate reasons why you might be concerned that? is not be a good estimate of the causal effect of a change in the hourly wage a worker faces on the number of hours that they work.
"Looking ahead to next year, the future looks very bleak indeed." The speaker was Sonia Rice, president of Consumer Goods, Inc. "Revenues are projected to be down by 7.3% and our costs (especially fuel and raw materials) are increasing monthly. What ..
Illustrate the way in which market forces shape the organizational responses using a range of examples.
Elucidate the effects of monetary policies on the economy's production and employment.
Suppose that business buy a total of $120 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. how much in revenues do businesses receive in the product market?
How does monetary and fiscal policy affect aggregate demand?
q1. assume that the reserve requirement is 25 percent. if a single bank has excess reserves of 500000 explain
what is the resulting outcome of the game? (b) Suppose now that dierent players obtain dierent shares (adding up to 1) when the majority vote is not passed. What happens in a SPNE then?
In part, because of the workplace origins of illness and accident insurance, the perception of the employer’s obligation to cover all or part of health insurance premiums persisted as the scope of coverage broadened and the costs increased. Now, risi..
During the spring when demand for lobster is relatively low, Maine lobster fishermen are able to sell their lobster catches for about $5.50 per pound. During the summer when demand for lobster is much higher, Maine lobster fishermen are able to sell ..
For every $100 in assets, a bank has $40 in interest-rate sensitive assets, and the other $60 in non-interest-rate sensitive assets. The same bank has $50 for every $100 in liabilities in interest-rate sensitive liabilities, the other $50 are in liab..
What is opportunity cost of cheese in France at 2 kilograms to Germany 1 kilogram? Which country France or Germany has comparative advantage in cars at France .25 and Germany .50 output per hours worked? And cheese France 2 kilograms, Germany 1 kilog..
q.1. what factors are important in determining the length of the imitation lag and the length of the demand lag?
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