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A country's labor market is characterized by labor demand and labor supplygiven by the following equations:LD = 100 - 5WLS = 10W - 20where LD and LS are the quantity of labor demanded and supplied respectively, in millions of workers, and W is the hourly wage rate.
(a) Suppose the labor market adjusts to competitive equilibrium. What is total employment (L) and the competitive wage (W)?
(b) Suppose instead that there is a minimum wage of W = 9. What then is the quantity of labor supplied (LS), the number of unemployed workers (U), and the unemployment rate (u)?
Before Sarah quit her job as a carpenter, she was earning $35,000 per year. She rented a building for $12,000 per year and opened a cabinet shop. She spends $148,000 per year for labor, materials, utilities, and advertising.
the operation and maintatenance expenses 450 per year additionally , the hourly fuel expense for running the turbine is 7.5 dollar per hour and the turbine expected to operate 3000 hours eaach year . the cost of dismantling and disposing the turbi..
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A thousand dollars is invested for 7 months at an interest rate of 1% per month. What is the nominal interest rate What is the effective interest rate
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Eisner's bonus was $2.6 million in 1996 and $6 million in 1987. Including the stock options he exercised, his compensation in 1988 was about $41 million, a record at that time for any U.S. executive. In 1993, his total compensation was about $202 ..
Suppose that velocity is constant and the economy's output of goods and services rises by 5 percent each year. What will happen to nominal GDP and the price level next year if the Fed keeps the money supply constant.
Suppose that a country has no public debt in year 1 but experiences a budget deficit of $40 billion in year 2, a budget deficit of $20 billion in year 3, a budget surplus of $10 billion in year 3, and a budget deficit of $2 billion in year 4.What ..
A local business in a small college town has a major portion of their business to college bookstore. On the side they also provide services to other local businesses. The local demand is Q=200-5P. The average and marginal cost is $8.
Hotels tend to charge a lot for phone calls from their rooms. Cell phones endangered this nice little "monopoly" business to the point that average telephone profit per available room at hotels in the United States fell from $637 in 2000 to $152 i..
The relationship between nursing units and clinic visits is as follows: Quantity of nurses - total clinic visits 1-5,2-9,3-12,4-14,5-15 .The providers is assumed to maximize profits. Determine the provider' equilibrium wages and how many nursing u..
Now the gov decided to pass a law that the cost to rent should not exceed $375 per apartment. In order to minimize the damage such a law will have on apartment owners, the government decided to allow landlords to force.
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