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Higher Wages for Landscaping Workers. Suppose that half of landscaping workers have a marginalrevenue product of $40 and an opportunity cost of $30 and the other half have a marginal-revenue product of $60 and an opportunity cost of $45. A landscaping firm cannot distinguish between the two types of workers. (Related to Application 4 on page 717.)
a. Suppose a landscaping firm offers a wage equal to $41. What is the average productivity of its workforce? On average, what is the firms profit per worker?
b. Suppose the firm increases its wage to $47. What is the average productivity of its workforce? On average, what is the firm s profit per worker?
c. What are the equilibrium wages?
If the cross-price elasticity of aluminum with respect to steel is 2.0:a) what happen to the quantity demanded of aluminum if the price of steel increases b) Are aluminum and steel substitutes or complements
Joe has never trusted banks and always kept his money in cash. Joe pulls out his money jar, discovers that it has $20,000 in it, and decides it is unsafe to keep that much cash. Joe stops at the Local National Bank the following day, opens a check..
How might a critic respond to the claim that taxes always make the allocation of resources less efficient?
If Eubank is holding no excess reserves, what must the required reserve ratio be Refer to Exhibit 0046. Assume the required reserve ratio. If Stu Dent deposits $10,000 in cash into his checkable deposit account, how much will Eubank now have in ca..
Show the impact of this event on the market for agricultural land in Brazil in Exhibit 2. What has happened to the marginal product of land and the rental price of land in Brazil?
Show that licensing can be beneficial for firm 1 in this case and therefore increase innovation incentives. Explain why the results differ between the two cases.
Would you expect patients and doctors to find ways around the maximum price?
Project Y requiring initial investment of Rs.50 million and is expected to generate Rs.10 million in Year 1, Rs.13 million in Year 2, Rs.16 million in year 3, Rs.19 million in Year 4 and Rs.22 million in Year 5.
Choice (C) is mistaken because the lack of a reply does not necessarily mean the account is misstated.
Describe the successive loss of information as the presentation changed from ratio to nominal.
Natural real GDP grows by 3 percent per year over the next five years, but then grows by 4 percent in the second year, 5.5 percent in the third year, 4.2 percent in the fourth year, and 3.5 percent in the fifth year. Calculate the cumulative loss..
What are some possible explanations of the paradox? How can human capital contribute to the explanation of the paradox?
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