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Suppose you have estimated the supply curve for the local labor market as: Qs=W-5, where W is the hourly wage and Qs is the quantity of workers willing to work at each wage. You have estimated the demand curve for the local labor market as: Qd=25-W, where W is the hourly wage and Qd is the quantity of workers demanded by employers at each wage.
a. Using algebra, solve for the equilibrium wage and quantity of labor.
Why would suppliers be willing to accept prices that cover variable costs, but do not cover total costs? How does the answer depend on whether the decision is a short-run or long-run decision?
Calculate what would be the minimum annual vehicle use in km/year that would justify the choice of a diesel engine car over the petrol version? Does this correspond to your answer to 4) above?
would an increase in price of a bus ride increase or decrease total revenue? why? if the price of gas increased b 10%(holding the demand for gas constant) how will the quantity demanded of bus rides change (direction and %)?
The sydney transportation company operates an urban bus systemin new south wales australia. economicanalysis performed by the firm indicates that two major factors influence the demand for its services
the texas legislature is meeting right now and by the time you are ready to work on this assignment many bills will be
An economy is in long-run macroeconomic equilibrium when each of the following aggregate demand shocks occurs. What kind of gap-inflationary or recessionary-will the economy face after the shock, and what type of fiscal policies would help move the e..
Sam has the opportunity to purchase a US Treasury bond that matures in eight years and has a face value of $10,000. This means that Sam will receive 10,000 cash when the bond's maturity date is reached. In addition, the bond stipulates a fixed nomina..
An industry with twenty companies but the CR = 80 percent is called "high concentration", for a concentration ratio of 80 to 100% is viewed as high concentration.
Entitlement programs affect the economy in many ways, yet they are considered by many as not being managed efficiently. Explain how you would improve some of these programs to ensure their effectiveness and ease of management.
What is Diminishing Marginal Productivity and how does it affect costs. Give examples seen in the real world.
You and your rival must simultaneously decide what price to advertise in the weekly newspaper. If you each charge a low price, you each earn zero profits. If you each charge a high price, you each earn profits of $3.
the United States has been subject to increases in the illegal immigration of workers from Mexico, most of them unskilled, and the government has considered ways to reduce the flow. One policy is to impose larger financial penalties on employers wh..
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