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1) Consider an economy where, consumer’s utility function is given as U(C,L)=C-(1/2)L2 . where C is consumption and L is labor. The production technology is Y=(1.6)L-(1/2)L2. The turnover cost per labor is (0.36)/(w/p)
a) What happens to t as real wage increases? Give a clear intuition
b) What happens to t as labor increases? Give a clear intuition
c) Write down the firm’s maximization problem and solve it. Find real wage, labor.
d) Write down consumer maximization problem and solve it. Derive labor supply curve
e) Find real wage, employment, output and unemployment in this economy.
f) Illustrate the solution graphically using Labor Supply / Labor Demand and Production Function diagrams.
What is the definition of a contract? What are the required elements? What is the distinction between a void and avoidable contract; between an executive and an executor contract; and between a unilateral and bilateral contract?
What do you think will cause market fluctuations over the next few years as the economy struggles to recover? What areas of the economy should be closely watched as indicators of future activity?
Di9scuss what will happen in this market as it moves to a new equilibrium. If a hard freeze eliminate Brazil's premium coffee crop, what will happen to the price of the premium coffee.
Now suppose as a result of a mandated increase in the minimum wage the wage increases to $80. What would be the implication of this change for this firm?
Exhibit 2-8 represents Robin Hood’s production possibilities frontier. Assume that he currently produce at point G inside the production possibilities frontier. He can produce more bows employing the existing resources more efficient. He can increas..
Evaluate whether each of the following statements is true or false. Explain your answer and provide supporting rationale. If the real money demand is greater than the real money supply, interest rates must rise to reach equilibrium in the money marke..
suppose that an economy consumes all salary income and saves all capital income. Describe if the factors of production earn their marginal product.
Consider the following sequential ZSG. First, nature chooses heads or tails, each with probability one-half. Player 1 then sees nature’s choice, and chooses heads or tails. Player 2 then sees player 1’s choice but not nature’s choice, and chooses hea..
What is the diamonds water paradox and how is it explained?
q1. the jones company has just completed the third year of a five-year macrs recovery period for a piece of equipment
Explain how low must a quota be in effect to have an impact. Using a demand-and-supply diagram, illustrate and explain the net welfare loss from imposing such a quota.
Measles has become an epidemic here in Orange County. About 1 in 1000 people will die after contracting the disease. Because this is such a high rate, health officials in Orange County would be well advised to pay for anyone to get a vaccination.
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