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12. The employees at Warren Manufacturing Company are unionized. As minimum requirements, the union members insist on keeping a work force of at least 300 workers, and accepting an hourly wage rate of no less than $8. Beyond those minimum requirements, however, they are considering some different economic goals. Calculated on an hourly basis, the employees' marginal revenue product schedule is: Employees MRP 100 $20 200 18 300 16 400 14 450 13 500 12 550 11 600 10 650 9 700 8 800 6 900 4 a) If the union attempts to maximize the wage rate of its employees, subject to the above constraints, what wage rate and employment level can it expect to achieve? b) If the union attempts to maximize the employment of its members at Warren, what wage rate and employment level can it expect to achieve?
Shares of consumption, investment, and government spending as a part of GDP. Use nominal GDP for these calculations. Biggest contributor in GDP.
If the bank maintains a reserve requirement of 2 percent, what is the maximum loan that the bank A can make b) what is the maximum amount by which the money supply can by increased as a result of bank A's new loan
On the other hand, suppose that the Fed has a goal of 10% inflation. Use similar logic as in the previous question to show what the Fed must do to the money supply.
M is the monopolist selling goods G. M's cost function is c(y)=4y where y is total production of G. Some of M's potential customers are members and get the member magazine with coupons.
How would you use the information you have learned in this class to develop your own investment portfolio What investments would you hold, in what proportions, and why What is your level of risk aversion
The information below describes the real GDP per capita for the country of Bedrock for the period of 1975 to 1991.a. If a new business cycle began in 1975, how long was this cycle b. The peak occurred in which year The trough occurred in which year c..
The tax revenue and the dead weight loss.
Assume that an economy producing two products, skateboards and in-line skates, is initially in equilibrium, and that skateboards and in-line skates are substitutes. If consumer preferences shift away from skateboards and toward in-line skates, which ..
Suppose all the competitve firms collude to form one single monopoly firm. (Collusion changes neither the demand nor the cost conditions in the industry.) Discuss the economic effects of the change in market structure.
If the average shooter aims at someone, he will hit them half of the time. If the drunk aims at someone, then he will hit them only ten percent of the time. Once someone is hit, they are out of the game, with the winner being whoever is the last r..
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?
Using such areas as producing and information technology or any related industry or areas that have had high job growth rates explain a scenario that would cause a shift in labor supply and demand.
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