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The marginal product of labor (measured in units of output) for a certain firm is given by MPN = 309 - 2N. N is the labor.
a. What is the profit maximizing condition for the firm when choosing the optimal level of labor? Write down the condition in REAL terms.
b. Using the above information, obtain the ND curve.
c. Suppose the Labor Supply Curve is given by Ns = 92 + 12w. (w is the real wage). Obtain the Equilibrium real wage and the equilibrium labor (i.e. Ns=Nd=N).
d. Suppose that there is an adverse oil supply shock. Show the impact that this has on the production function, the labor market (i.e. on equilibrium wage and labor), and on the actual amount of output. SHOW a diagram and DISCUSS your findings.
A monopolist faces a demand curve given by: P = 70 - 2Q, where P is the price of the good and Q is the quantity demanded. The marginal cost of production is constant and is equal to $6. There are no fixed costs of production.
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On average, noncustomers earn a wage of $20 per hour and pay ATM fees of $2.75per transaction. It is estimatedtht nanks would be willin to maintain services for 4 million transactions at $.075 per transaction, while noncustomers would attempt to c..
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