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Question
(a) Let the utility function be U = log(x) - l, where l is labour and x is consumption. Find the level of labour supply if the wage rate w=10.
(b) If an overtime premium is introduced which raises w to 12 for all excess hours, what is the effect on labour supply?
(c) Clarify your answer using a diagram.
Suppose your marketing department does a survey of potential users and finds that these users place the following values on the two versions of your software If the numbers of home and commercial users are equal, and you cannot distinguish between ..
explain the points in the process where the vendor has an opportunity to add value, be sure to answer the following questions, how does value vary for a large purchase versus a smaller one, does adding value cost money
Information System: Electronic Commerce A Magerial Perspective 2010 by: Efraim Turban and etc. Consumer Behavior, Internet Marketing, and Advertising What would you tell an executive officer of a bank about the critical success factors
A growing economy means that the economy is producing more and more "stuff", either because it has more resources (workers), or uses those resources more productively (smarter, better workers, working with better machines and systems).
1) What is flex time and what advantages/disadvantages does it give companies and workers2) Why does statistical estimation need caution especially regarding the long run 3) Why are economic profits such fleeting things for a perfectly competitive f..
in the long run the most helpful action that a monopolistically competitive firm can take to maintain its economic
An auto dealership estimates that its demand curve has an elasticity of 2.78. If it wishes to increase sales by 12%, by how much should it decrease price? What will happen to revenue (rise or fall)? If instead it raises price by 20%, what is the perc..
Discuss the firm's activities outside the U.S and identify which economic concepts, such as comparative advantage, apply to your firm.
If you can enter only one market, and the cost of entering the market is $250,000, should you enter one of the European markets. If you enter, what is your potential profit.
Why is there a social cost to monopoly power? If the gains to producers from monopoly power could be redistributed to consumers, would the social cost of monopoly power be eliminated? Explain briefly.
What is the minimal wage that must be offered to Yumi for her to sign this new wage contract and what is Yumi's expected revenue when she works hard? What is Yumi's expected revenue when she does not work hard?
Use the model of supply and demand to explain how a fall in the price of frozen yogurt would affect the price of ice cream and the quantity of ice cream sold. In your explanation, identify the exogenous and endogenous variable.
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