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In the city of Growville, the equilibrium employment is 100,000 workers, and the equilibrium wage is $80 per day. The elasticity of demand for labor is 1.0 (in absolute value) and the elasticity of supply of labor is 4.0. The employment multiplier is 2.5.
Suppose the demand for labor used in the production of exports increases by 6,000 jobs.
Use a supply-demand graph of the urban labor market to show the effects of the increase in the demand for labor.
What is the percent change in the equilibrium wage?
What is the percent change in the equilibrium employment?
PLEASE PROVIDE THE GRAPH AND COMPLETE ANSWER
Using an aggregate demand and supply diagram, explain how each of the following scenarios affects the equilibrium price level and aggregate output. Consider first the short-run, then the long-run equilibrium for each scenario.
Illustrate what are the long run equilibrium price, quantity of a single firm and the industry output. How many firms are in the market.
What is the social optimum quantity and price. Calculate the total surplus in the market equilibrium, at the social optimum and with the tax.
After allowing for sleep and personal care, she has 70 free hours each week and must split these hours between work to earn money.
Most business in the U.S. is conducted by corporations, and corporations popularity results primarily from their favorable tax treatment.
show the new quantity demanded at that price as we did in class. Also, show that the new total revenue will be greater than then old total revenue.
Explain how would Ford Moter Company use price Elasticity of demand to determine whether to increase or decrease the price.
Explain how much does the customer pay. Explain how much does the government receive as tax revenue.
What exactly is game theory?
Two goods are purchased such that the marginal utility derived from A is 440 utils, and from B is 870 utile; the price of B is $11 and the price of A is $5.50. For a given total dollar amount spent on these two items, has total utility (combined) bee..
Republicans asserted that many of president obama's fiscal stimulus spending was " wasteful and ineffective." Does the content of fiscal stimulus spending matter?
Find out the equilibrium level of GDP. Next find the multiplier for government purchases and fixed taxes. If full employment comes at y+1800, what are some policies that would move GDP to that level.
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