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Henry Ford famously paid his workers more than the market wage. In 1914 he told his board of directors that he wanted to pay $3 a day when the going wage was $2.20. One of the board members snidely asked why not pay $4 or $5 a day; Ford immediately agreed (much to the shock of the board) and started paying $5 a day. So, occasionally, firms find it beneficial to pay above (or even below) the equilibrium wage rate. a) Why do you think a firm would pay its workers (office, factory, etc.) above-market wages? b) Why do you think a firm would pay its managers above-market wages? c) Some firms used to set up employment contracts where workers were paid below-market wages early on and then above-market wages later in a worker’s career. Why do you think these types of contracts were used? Also seen with these contracts was a pre-determined mandatory retirement date; why would this be an important part of such a contract?
Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated p..
Illustrate can the oligopoly market structure make profit for both consumers and businesses by forging common standards in industries that experience rapid technological change.
State whether the following actions will increase or decrease GDP:
Reduce the game by IEDS as far as you can. For the original game, find all Nash equilibrium in pure strategy and the equilibrium payoff. For the original game, find all Nash equilibrium in mixed strategy and the equilibrium payoff.
What are the positive and negative aspects of budget deficits and surpluses? What policy is best for today’s economy? Explain your answer.
Suppose that Poland had exports of $100 billion in 2014 and imports of $150 billion. What was its net capital flows in that year? Give two examples of transactions that are part of the net capital flows of Poland, and indicate whether they enter the ..
Illustrate what level of control variable are net benefits maximized. Illustrate what is relation between marginal benefit and marginal cost at this level of control variable.
The economy is hit with a positive SRAS shock and you, in your role as a central banker, respond with an active policy response to stabilize inflation. (a) Draw an AS/AD diagram illustrating the changes in output and inflation. (b) Describe briefly h..
Fill in the column "Society's willingness to pay." Then draw a graph of society's demand for the public good.
If a perfectly competitive firm is incurring a short-run loss, it
uppose that the two years have elapsed since you purchased the security, and you have received the first two payments of $600 each. Now suppose the market interest rate suddenly jumps to 10%. How much would another investor be willing to pay for your..
The Euro zone fell into deflation in October (see Chart): prices fell by 0,2 % . Italy has experienced deflation for a few months. Unemployment in Italy is over 13% with youth unemployment 43.9% Contractionary policies in Italy have led to a fall in ..
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