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The demand for labor by a monopsonist is given by W^d=17-L. The inverse supply curve of labor is given by W^s=2+2L. 1. Find the corresponding total cost and marginal cost functions of this monopsonist. Assume that labor is the only input. 2. What will be equilibrium wage rate and amount of employment? 3. Now suppose that Congress passes a law establishing a minimum wage for all workers at w =12. What will be equilibrium wage rate and amount of employment? (Hint: Carefully draw the relevant curves in a diagram of the labor market, taking into account the effect of the new minimum wage.) 4. In a competitive equilibrium, minimum wages imply a reduction in employment. What happens in this case? Explain briefly
From a demand curve, consumer surplus is the area:
From California to New York, legislative bodies across the United States are considering eliminating or reducing the surcharges that banks impose on noncustomers, who make $14 million in withdrawals from other banks’ ATM machines. what would be the n..
In pure competition when the market price of the product is initially higher than the minimum average cost of the firms, then:
Suppose the store manager observes that the quantity demanded increases from 700 CD players to 1,300 CD players. Illustrate what is the price elasticity of demand for CD players.
The consumer is indifferent between B and a lottery ticket with probabilities. Construct a set of von Neumann - Morgenstern utility numbers for the four situations.
q1. dominant price leadership exists when the dominant firm establishes the price at the quantity where its mr mc and
q1. assume you are the chief economic advisor to the president of the united states and the president has asked you to
A TV manufacturing company estimates that when TVs are sold for x dollars a piece, consumers will bu 8000/x TVs each week. The company also determines that profit is maximized when the selling price x is 1.4 times the cost c of producing each unit. H..
Explain why some people support unions whereas others oppose them. What advice would you give to an employer who wants to adopt some form of employee participation program but is concerned about the legality of such program?
Illustrate how many would you expect to be sold under each pair of price and income demand elasticity estimates.
The notion of rent controls can be somewhat controversial. What is the economic rationale for a city to enact rent controls? What are a few unintended consequences of rent controls in large cities? Be specific.
Explain in detail the concept of excess burden and explain the factors significant in the calculation of the excess burden. What is marginal excess burden and why is it important concept for policy evaluation?
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