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1. What are the causes of the decline in unionism in the United States?
2. Briefly describe the various ways by which unions increase wages for their members?
3. Describe the impact that labor unions have on income inequality?
4. Using examples, briefly describe the various types of discrimination present in an economy?
Which of the following is not a potential drawback of nationalized health care or? single-payer systems relative to privately delivered and financed health? care?
Assume that a industry produces 200000 units a year and sells m all for $10 each. Furthermore, assume that marginal external damage of this product is $6 per unit. How many more units of this product will free market produce than is socially.
Daniel Dynamite runs a high end car wash called “Daniel’s Car Wash” … he’s not very creative. The car wash market is very competitive and Daniel has no control over the prices that he can charge. Concerned that he is leaving money on the table, Danie..
An economy consists of 2 agents (A and B) and two goods (x, y) . Each agent has and utility function U(x,y)=x^3 y^2= A,B. Agent A has an intitial allocation of (10,50). Agent B has an initial allocation of (20,10). Show that the line that connects th..
what happened to real output? by how much would the price index have had to rise for real income to remain constant?
Assume that the company's is considering a merger. The possible merger currently faces some threats and that the industry decides on self-expansion as an alternative strategy, describe the additional complexities that would arise under this new sc..
Suppose a second firm enters the market, producing the same product. The total quantity supplied in the market is now the sum of the two producers, a Cournot Duopoly. Determine the equations for each firm’s Total Revenue, TR and for each firm’s Margi..
Large producers of ham and pork food products require a steady supply of pigs over a long period of time to operate efficiently. Is vertical integration into pig farming needed to maintain that steady supply?
Draw graphs showing a perfectly competitive firm and industry in long-run equilibrium. How do you know that the industry is in long-run equilibrium? Suppose that there is an increase in demand for this product. Show and explain the short-run adjustme..
Other things held constant, would the calculated capital intensity ratio change over time if the company were growing and were also subject to economies of scale and/or lumpy assets?
A newspaper recently lowered its price from $0.50 to $0.30. As it did, the number of newspapers it sold increased from 240,000 to 280,000 (4 points) a) What was the price elasticity of demand for this newspaper (Arc/ mid-point formula)? What was the ..
If the price that a firm charges is higher than its ________________ cost of production for that quantity produced, then the firm will earn profits.
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