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a) What are the two main assumptions underlying the “neoclassical” theory of a short-run labor demand curve that is declining in rising wage rates (i.e., the “Law of Demand”)?
b) Suppose there is a firm with two inputs of production, labor (L) and capital (K), with associated prices w and r, respectively. Also assume that the firm faces competitive input and product markets and that the two inputs are gross complements in production. Show graphically the long-run labor demand as the wage increases. What happens to long-run demand for capital? Be sure to show the scale and substitution effects of a wage increase on the demands for labor and capital.
Construct a numerical example to show that the exclusion of municipal bond interest from income taxation is equivalent to a government subsidy of state and local capital spending. Assume you believe that income is a good proxy for ability to pay. Wha..
Have you thought about starting your own business? What opportunities seem attractive? What type of financial resources and personal skills would you need to launch a new business? How would you obtain these financial skills and personal resources?
Should you raise the price of your widgets? What will be the effect on total revenue? Include elasticity, consumer and producer surplus, utility maximization, consumer equilibrium.
Assume the firm is operating in a high-wage country, where capital cost is $100 per unit per day and labor cost is $80 per worker per day. For each level of output, elucidate which technology is cheapest.
Master's Cleaners' average variable costs consist of $.70 of direct labor, $.30 of direct materials, and $.50 of other variable inputs. If it has fixed costs of $1,000, what level of output is required at a price of $2 to generate $500 in profits?
A tax system achieves equity when:
Hart's Floral Shop sells bouquets for special occasions. Annual demand is 500? bouquets, the? company's cost to place an order with its vendor is? $25, and the cost to hold a bouquet in inventory for a year is? $15. If Hart orders from its vendor in ..
There is much discussion in the press about several states moving to legalizing marijuana, either for only medical purposes, or more extremely, for recreational purposes. What will happen to existing supply avenues? Would one expect prices to change ..
The present value of a dollar rises as
Why are trade agreements important for the various countries involved? How is international trade related to the U.S. standard of living as opposed to the standard of living of a small industrial nation
Describe nominal GDP and real GDP in year four using the following information: in year one, the base year, 10 computers sold at $2000 each, and 15 televisions sold at $500 each.
A tariff on imports of a product hurts domestic consumers of this product more than it benefits domestic producers of the product. Do you agree or disagree with this statement, and why?
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