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1. Consider a perfect competitive industry with a labor supply given by Es=6w-4 and a labor demand is given by Ed=28-2w. Where E is the level of employment and w is the wage. a. What is the equilibrium wage and employment if the labor market is competitive? b. Suppose the government sets a payroll subsidy of $2 on firms. Find the new labor demand function. c. Find the new market equilibrium and identify the wage workers receive after the Imposition of the subsidy, the new cost for the firm to hire a worker, and the new level of employment. d. Show your result graphically, identifying as many points as you can. e. Compute the change in producer surplus, change in worker surplus, the total cost of the subsidy for the government, and the deadweight loss to society that results from the imposition of the subsidy.
Discuss a firm's objective relative to its economic cost. Describe each of the firm's economic cost, and whether these would be considered explicit or implicit. What is the difference between an economic profit and an accounting profit.
Determine the long-run marginal cost function for electricity generation and determine the short-run average variable cost and marginal cost at the output level in Part (d)
what advice would you give as the economic analysis team and Your client states that it is worth $4,000 annually to be his own boss and not be a butcher any more. Would that change your advice? How and why?
michael has the following utility functionuxy logx logy where the price of x is 3 and the price of y is 1. he has
you just opened a flower shop and are trying to understand pricing issues. you were told that elasticities are very
During the reading of research data collection tool I select the scanner data system due to the saving and targeted coupons first hand and saving money on discounted items and various products throughout the store .The drawback is when potential ..
What are the monopolist's profit-maximizing output and price and what is the resulting deadweight loss relative to the competitive outcome?
since the AC curve in the problem is upward-sloping everywhere, it is not possible to construct a zero-profit equilibrium given the assumptions of the problem this outcome requires a U-shaped AC curve.
a researcher predicts that watching a film on institutionalization will change students attitudes about chronically
Calculate the unemployment and labour force participation rates in 2014 and in 2015 and what challenges would face the Greek government if they wanted to undertake fiscal policy to address the problems described in b?
A restaurant industry has a market structure that comes closest to
1. a friend of yours inherits her grandparents printing company. the capital stock of the company consists of
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