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Question 2. Suppose a worker has 112 hours a week, non-labor income of $150 a week, and a wage rate of $10/hour. Assume the price of consumption goods increases from $1 (implicitly assumed price) to $2. What is the effect of this increase on a worker's reservation wage, probability of entering the labor force, and hours of work? (Hint: since the price of consumption goods is no longer unity, the vertical axis measures consumption units.) Question 3. A firm can produce its output by varying the labor and capital mix. Assume regular shaped (i.e. convex) isoquant curves. Suppose the rental price of capital decreases. a. Illustrate graphically the substitution and scale effects of the increase in the rental price of capital. b. Does the optimal amount of capital used increase or decrease? Explain. c. Does the optimal amount of labor used increase or decrease? Illustrate graphically the demand for labor. Are the two inputs gross complements on gross substitutes?
Efficiency wage models are sometimes used to explain the existence of involuntary unemployment in the labour market. Provide a short description of the shirking model. Why can it be in a firm's interest to increase the wage above what is paid by o..
Delineate which market participants you believe benefited from the final court decision and whose interests were harmed.
Using ideas of consumer and producer surplus analyse this claim. Is there a case for price controls on housing?
How much would Wyandotte have to reduce the price of polyol to achieve a 15 percent increase in the quantity sold? Evaluate the impact of such a price cut on(i) total revenue, (ii)total costs, and (iii)total profits.
What is the TOTAL amount of output the firm should produce and approximately how much output should the firm allocate to market 1?
Jean views coffee and cream as perfect complements. In the first period, Jean picks an optimal bundle of coffee and cream, e1. In the second period, inflation occurs, the prices of coffee and cream change by dif- ferent amounts, and Jean receives ..
Suppose the movie theater cannot price-discriminate and needs to charge both students and professors the same price per ticket. If the movie theater charges $5, who will buy tickets and what will the movie theater’s profit be? How large is consumer s..
When the price of corn dogs is $2.00, 2,500 are demanded. What is the price elasticity of demand for corn dogs.
An industry consists of three firms with sales of $200,000, $500,000, $400,000. Compute the Herfindal-Hirschmann index (HHI)
There's quite a bit to be said about face-to-face interviewing for sure. But, there's also some drawbacks and you named two major ones: cost consideration and time spent (not to mention, manpower and location). what's one benefit of collecting da..
Explain the income effect and how this might influence ticket sales for NFL? Do you think Wrigley's will raise or lower their total Revenue by raising prices?
If market price is $60, how many units of output will the firm produce? Zero units of output because the firm shuts down. 1 unit of output. 2 units of output. 3 units of output.
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