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Let's think about an economically sound way to measure the value of leisure. To keep this simple, we'll just think about the value of leisure to people who could work but who decide to stay home. Also, we won't think about how much actual workers value their free time, or how much children and retirees value their time. In a standard supply and demand labour model, firms "demand" labour while workers "supply" labour. Let's think about a labour market that is in equilibrium, with a wage of $20 per hour and with 14 million individuals working out of a total of 16 million working-age individuals. According to this simplified model of the economy, some workers would work if the wage were higher, but at the current wage, they'd rather stay home and watch reruns of Seinfeld or (don't let this be you!) Coronation Street. For the workers who are right on the margin between working and not working, what would their wage be if wages rose ever so slightly and they went to work?
Changes in the macroenvironment affect individual firms and industry through the microeconomic factors of demand, production, cost and profitability.
Illustrate what do the nominal interest rate also the real interest rate that Whitney can earn. Whitney puts money in a savings account at her bank earning.
Illustrate what can be said about the utilization of resources when 20 airplanes and 20 buses are produced. What is the opportunity cost of increasing the production of airplanes from 50 to 60? From 0 to 10 airplanes.
The central bank new head decides to increase the response of interest rates to inflation. Explain how does this change in policy alter the response of the economy to a supply shock.
Compute both Burton Cummings's explicit costs every month also his implicit costs every month. Compute the opportunity cost of the resources utilized by Burton Cummings each month.
Assume income is $10, the price of each slice of pizza is $1, and the price of each glass of beer is $2. Now change income to $12 and show a demand curve for pizza.
Illustrate what techniques for changing organizational culture has Google used to form its culture.
Why a favorable shock to the production function tends to reduce the price level, P. How could the monetary authority prevent this fall in P.
Sketch the extensive form of the game, carefully labelling the players that move and the actions they have available
who are well-known to be boring, stuffy types; what could be a better way to reinforce one's credentials as a radical, innovative thinker than to skewer their most beloved doctrine.
Illustrate wwhat is the effect on the market for one hour of babysitting services in Middling today.
whenever the same efforts must be made to uncork also pour both bottles.
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