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The marginal product of labor (measured in units of output) for a certain firm is given by MPN = 309 - 2N. N is the labor.
a. What is the profit maximizing condition for the firm when choosing the optimal level of labor? Write down the condition in REAL terms.
b. Using the above information, obtain the ND curve.
c. Suppose the Labor Supply Curve is given by Ns = 92 + 12w. (w is the real wage). Obtain the Equilibrium real wage and the equilibrium labor (i.e. Ns=Nd=N).
d. Suppose that there is an adverse oil supply shock. Show the impact that this has on the production function, the labor market (i.e. on equilibrium wage and labor), and on the actual amount of output. SHOW a diagram and DISCUSS your findings.
The production function F(L) = 6L^(2/3). Suppose that the cost per unit of labor is $8 and the price of output is 4, how many units of labor will the firm hire?
A labor economist estimates a regression of log earnings on schooling, experience, ability, as measured through, and interactions in schooling and experience,
Let X denote the reaction time, in seconds, to a certain stimulus and Y denote the temperature (F) at which a certain reaction starts to take place. Suppose that the two random variables X and Y have a joint density function f(x,y)= y, 0
If beta of portfolio is .326, the present yield to maturity on United States government bonds maturing in one year and an assessment that market risk premium.
a. Calculate net exports. b. Use the expenditure approach to calculate GDP. c. Use the income approach to calculate GDP. d. Calculate net domestic product (at factor cost). e. Calculate net domestic income (at market price..
What is the income elasticity of demand for kitty litter when P(D)=30,P(C)=20, m=50? What is the cross-price elasticity of demand for kitty litter when P(D)=30,P(C)=20, m=50? Are kitty litter and cat food substitutes or complements?
Tennessee just instituted a state lottery. The initial jackpot is $100,000. If the first week yields no winners, the next week's jackpot goes up, depending on the numbers of previous players who placed the lottery bets
Graphically demonstrate the production possibilities frontier for nation of Stromboli, using information given in the following table.
Despite very low growth of GDP in 2008 and 2009, and still high unemployment rate of 9.5 percent in June 2010.
.determine the amount of slack or surplus for each constraint (dont worry about this problem it has been emitted from the homework but if you can help me to understand this I would greatly apprecaite it) suppose the objective function is changed to..
Drink Tax: The weekly supply Qs(p), and demand, Qd(p), of beer in a city are given by: Qs(p) = p; Qd(p)=6.2 - .55*p where p is the price of a beer in dollars and quantities are in hundreds of thousands of beers. To find the equilbrium quantity and..
Gold Trackers watching the value of precious metals and has daily information on prices and sales of gold for the last many years.
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