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It can be shown that an industry’s demand for labor will become more elastic when the demand for the industry’s product becomes more elastic. Let’s consider the implications of this fact for the U.S. automobile industry and the auto workers’ union (the UAW).
a. What happened to the elasticity of demand for American cars when the Japanese developed a strong auto industry? What happened to the elasticity of demand for American autoworkers? Explain.
b. As the chapter explains, a union generally faces a tradeoff in deciding how much to raise wages, because a bigger increase is better for workers who remain employed but also results in a greater reduction in employment. How did the rise in auto imports from Japan affect the wage-employment tradeoff faced by the UAW?
c. Do you think the growth of the Japanese auto industry increased or decreased the gap between the competitive wage and the wage chosen by the UAW? Explain.
Delmar Custom Homes (DCH) uses two types of crews on its Long Island, NY, home construction projects. Type A crews consist of master carpenters and skilled carpenters, whereas B crews include skilled carpenters and unskilled labor.
Suppose that your business or organization has obtained a reliable growth forecast of the U.S. and local economies for calendar year 2013. Nature of my Business: I run an Automotive Paint Store that sells paint to the Independent Body Shops.
who are managed with a heart device known as the right heart catheter. Suppose as a result, the FDA limited supply of the heart catheters. Draw the likely effect of the report and subsequent action by the FDA on the market fo rright heart catheter..
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Gail has purchased a relatively unknown Stradivarius violin with a value of $2,000,000 which she plans to play every day (and therefore must keep at home). Gail is risk-averse. She is concerned about the potential loss of the violin through fire
Compute the monopoly equilibrium. Compute the consumer surplus. Assume this firm practices two-parts tariffs, Compute the optimal output.
During the Kennedy administration and Reagan administration Congress decreased tax rates on individuals. Determine the effect of these rate reductions on revenue flow into federal treasury?
Find out the optional number of units to put in a package. How much should the firm charge for this package?
Ford executives announced that the company would extend its most dramatic consumer incentive program in the company's long history-- the Ford Drive America Program. The program provides consumers with either cash back or zero percent financing for..
Explain and calculate the current account balance and explain and calculate the capital account balance and did U.S. official reserves increase or decrease? Explain
The economy has no unemployment and no inflation, but the government has determined that economic growth is too low and that the cause of this is a low level of investment. Using IS/LM, craft a set of policies that will stimulate investment BUT l..
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