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Consider the case of a monopsonist who is the only... Consider the case of a monopsonist who is the only employer in an isolated town in West Virginia. There are 100 individuals who live in the town, and each has a utility function given by u(l,c) = 0.25ln(l) +0.75ln(c) where l is their leisure and c is their consumption level. The price of consumption is equal to 1, and each individual in the town has nonlabor income of Y = 10. Each person has a time endowment of T = 16. The price of the monopsonist’s output is p= 20. The monopsonist only uses labor in production, and has the production technology q = H, where H is the total number of labor hours utilized.
(a) Solve for the monopsonist’s demand for labor. At this demand level, what is the wage paid?
(b) The government imposes a minimum wage of 5. What is the demand for labor at this wage?
Union membership has been declining in the U.S. private sector for many years. What do you think are the major reasons for this? Why isn't this true for the public sector? Describe the actions that an employer may take when a union attempts to organi..
There has been much political discussion about redistributing income. These ideas are not new. Name and elucidate the three political philosophies of redistributing income. Do you believe any of them have merit.
Globalization has depressed wages in western industrialized countries, particularly those for
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A monopolist's demand curve is given by P = 100 - 2q. (a) Find his marginal revenue function.
Small manufacturing company borrowed $1 million and repaid the loan through monthly payments of $20,000 for 2 years plus a single lump sum payment of $1 million at the end of 2 years.
Consider an economy that initially has a labor force of 2000 workers. Of these workers, 1500 are employed . The economy enters a recession. Employment falls by 5%, and in addition 0.4% of the labor force becomes discouraged at the prospect of finding..
q. real wages and productivity-are workers paychecks keeping up? over the long run historically real wages produce
If pasta is an inferior good and if the price of pasta increases, the income effect _____________ the quantity demanded, and the substitution effect ___________ the quantity demanded.
Suppose the government implements a policy that subsidizes business investment. Explain how will this affect the relationship between investment and the interest rate.
Suppose the firm chooses this input combination. What is the firm’s short run cost function? What are the firm’s fixed costs? What are the firm’s variable costs?
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