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a) What are the Marshall’s Rules of Derived Demand for labor?
b) The North American Free Trade Agreement (NAFTA) – which came into force on January 1, 1994 – created a trilateral trade bloc between the United States, Canada and Mexico. One result of the agreement was the elimination of U.S. tariffs on textile imports from Mexico. How would the elasticity of demand for labor in the U.S. textile industry been affected by this? Explain using relevant Marshall’s Rules.
c) The U.S. Environmental Protection Agency (EPA) announced that greenhouse gases (GHGs) threaten the public health and welfare of the American people, as they are the primary driver of climate change. As a result, the EPA plans to set limits on allowable carbon dioxide (CO2) emissions and require the installation of pollution abatement technology (i.e., machine) in plants emitting CO2. Since fossil fuel industries (oil and coal) are among the biggest sources of CO2 emissions, how might these new regulations affect the elasticity of the labor demand in these industries? Explain using relevant Marshall’s Rules.
Drawing on current business publications, find out some updated facts for each case that support this theme.
Discuss the issue of health care in the context of the following microeconomic concepts: ?Marginal analysis ?Trade-offs ?Opportunity costs ?Normative versus positive economics
Your company has immediately acquired another company which has locations in Quebec also Paris.
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If the price elasticity of demand for a product is equal to 4, a 1 percent increase in price of the product will cause the quantity demanded to _____ by _____ percent.
Which of the following is an implicit cost?
The utility function of a worker is represented by U(C,L) = C×L. Suppose this person currently has 100 hours of leisure and $1200 in consumption in a given time period. What must the worker’s hourly wage rate be if she is maximizing her utility?
Explain how much and why. This could include things such as mergers, innovative marketing, etc. Illustrate what products and/or services that made by this company.
The price of hamburger meat in College Town has recently fallen. Explain in detail the effects of this price change on the demand, supply, equilibrium price, and equilibrium quantity exchanged for fast food hamburgers in College Town and why. Draw a ..
what is the social optimum quantity and price. If the government uses a tax to get producers to internalize the externality what is the net price recieved by producers
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