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Firm XYZ measured its MP of labor curve to be the following: MP = 4000 - 2L where L is the number of hours of labor hired per day. XYZ produces gadgets that are sold for $20 each and is able to hire workers for $10 per hour. How many hours of labor should XYZ hire each day to maximize its profits?
Why is the demand of labor a derived demand Explain the shape of the supply of labor curve. What is the relationship between productivity and the wages earned by an employee What are some factors that determine the level of your income
After viewing the videos included in this week's multimedia resources, reflect on the challenges facing the U.S. labor force due to outsourcing of jobs overseas. Discuss the effect of outsourcing of production on GDP.
Describe three ways in which the Federal Reserve can change the money supply.
to the permanent income hypothesis, households will tend to react to a temporary tax cut by assuming the new tax level will be permanent.
Let px be the price of good X and py be the price of good Y. Assume the income of this individual is strictly larger than 10px Derive the demand for good X and the demand for good Y as functions of the two prices and income.
According to the aggregate expenditure function, as the price level decreases, it is reasonable to expect that the automonos and induced expenditures increase, only the autonomous expenditures increase or else.
Choose a product and state whether it has price elasticity or price inelasticity. The beginning value for year 2008 is $43,050, year 2007 starting price was $41,450, and year 2006 beginning price was $42,700.
Fall proportionately more than the change in GDP, Fall proportionately less than the change in GDP, Rise proportionately more than the change in GDP
Under current law, most Social Security recipients do not pay federal or state income taxes on their Social Security benefits. Suppose the government proposes to tax these benefits at the same rate as other types of income.
Which of the following is NOT a condition for price discrimination? Different groups of consumers should be charged differing prices for the same product. The firm's demand curve should be downward sloping.
One way to view the law of diminishing marginal productivity is to say that, The concept of derived demand can best be illustrated by the statement:
Farmers have a relatively inelastic demand for their crops. Suppose there is a bumper crop year (an unusually large harvest).
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