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(Opportunity Cost and Economic Rent) Define economic rent. In the graph below, assume that the market demand curve for labor is initially D1.
a. What are the equilibrium wage rate and employment level? What is the economic rent?
b. Next assume that the price of a substitute resource increases, other things constant. What happens to demand for labor? What are the new equilibrium wage rate and employment level? What happens to economic rent?
c. Suppose instead that demand for the final product drops, other things constant. Using labor demand curve D1 as your starting point, what happens to the demand for labor? What are the new equilibrium wage rate and employment level?
Suppose that, other things remaining unchanged, the price of X falls to $1. What quantities of X and Y will you now purchase.
Jeff Boynton,Consider the following graph:Based on the above graph, answer the following questions for a monopoly and a perfectly competitive firm. Discuss the differences you observe in above between the monopoly and perfectly competitive firm.
Choose a macroeconomic issue of current interest for which you can find two editorial or op-ed columns from national or international newspapers or magazines that take differing positions on the issue.
Suppose that a labor union proposes to double the wage for 0
Machine A has been completely overhauled for $9000 and is expected to last another 12 years. The $9000 was treated as an expense for tax purposes last year. Machine A can be sold now for $30,000 net after selling expenses
Assume there are 3-firms with the same individual demand function. This function is Q = 1,000 - 40P. Assume each firm has a different cost function.
Based on the Law of One Price, what is the equilibrium nominal exchange rate between the U.S. dollar and the euro? What is the equilibrium real exchange rate between the U.S. and Europe.Describe how an arbitrageur could profit from this situation.
Lars consumes only potatoes and herring. When the price of potatoes was 9 crowns per sack and the price of herring was 5 crowns per crock, he spent his entire income to buy 5 sacks of potatoes and 10 crocks of herring per month.
The extensive application of protective tariffs destroys the ability of the international marketplace system to allocate resources efficiently.
Explain how has the introduction of females also minorities in the corporate structure impacted the supply of labor and the economy.
Why does representative democracy often tax some people in order to provide benefits to others When governments become heavily involved in tax-transfer activities, how will this involvement affect economics efficiency
Assume the total demand for fish and the total supply of fish per month in the Kansas City fish market are as follows:
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