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Q. Units of Labor Marginal RevenueProduct0 na1 $302 $243 $184 $155 $126 $10
Assume a firm is a monopsonist that can hire its first worker for $6 but must increase the wage rate by $3 to attract each successive worker (so that the second worker must be paid $9, the third $12, and so on). The marginal revenue product of labor is given in the table above.
Illustrate what will be the competitive equilibrium wage rate?
Illustrate what will be the competitive equilibrium level of employment?
Illustrate what will be the wage rate under monopsonistic conditions?
Illustrate what will be level of employment under monopsonistic conditions?
The short-run and long-run effects of this change for the levels of per-capita output, and the growth rates of (total) output and per-capita output.
While the population variances are unknown, we will assume they are equal.
Then you inherited a piece of commercial real estate bringing in $12,000 in rent annually.
Elucidate what would be the immediate and long run effects on c, k, and y. Explain by drawing the path of these variables. Consider that you impose the new saving rate.
If ABC adds an assembly line for the product and XYZ does not follow with a competitive product.
Sharp rises in the cost of milk, grain, and fresh fruits and vegetables are hitting cafeterias across the country, forcing cash-strapped schools to raise prices or serve more economical dishes.
Explain how the short-run Phillips curve, the long-run Phillips curve, the short-run aggregate supply curve, the long-run aggregate supply curve, and the natural rate hypothesis are all related.
If today's production of capital goods exceeds the depreciation of capital.
Assume the price elasticity of demand for heating oil is 0.7 in the long run also 0.2 in the short run.
Exportof goods and services to foreigners is $1 million and import of goods and services from foreigners is $1.5 million.
Bud Owen operates Bud's Package Store in a small college town. Bud sells six packs for off-premises consumption.
find an identical output for each firm that maximizes joint profits.
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