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Labor Economics explained in this solution
Suppose that that marginal revenue and marginal cost of job search are MR=50 - 1.5w and MC = 5 + w.
(i) What is the worker's asking wage?
(ii) Would the worker accept a $15 wage offer?
(iii) Would anything change if unemployment benefits were reduced such that the y-intercept of the MC curve increased four-fold. Show graphically.
Suppose that all other banks hold only the required amount of reserves. If Nan Bank Inc. decides to reduce its reserves to only the required amount, by how much would the economy's money supply increase?
What is the difference between the real interest rate and the nominal interest rate? How would not knowing the difference effect perceptions of the economy and affect people's decisions?
Given table of data comprising real GDP and its components over a number of years, compute compound annual percentage changes in real GDP (economic growth) and compute the shares in real GDP of consumption.
Assume the economy is slumping into recession and needs a fiscal policy boost.
It is the measure adopted by the Government for its UK inflation target. The Bank of England's Monetary Policy Committee is required to achieve a target of 2 per cent. Inflation is the percentage change in the index compared with the same month one..
When McDonalds Corp reduced its price of the big mac by 75 percent-Using your knowledge of game theory, what do you think disrupted McDonald's plan?
Explain how each of the following will affect the relative values of the dollar and the euro:
Show the area on the graph that would correspond to consumer's surplus earned by the typical boarder/skier with this payment scheme. Explain your answer briefly.
Suppose you are running a photo copy center that makes illegal copies of the textbook. An illegal copy of the book sells for $10 and you only have one copy machine.
You will be asked to collect five (5) newspaper articles relating to subjects we are covering in the class. As we cover the various chapters you should be actively searching newspapers/magazines to find articles.
hat is your expected utility without insurance? Suppose you can buy insurance that will cover the medical expenses but not the foregone part of your salary. How much is an actuarially fair policy, and what is your expected utility if you buy it?
Tom earns $15 per hour for up to 40 hours of work each week. he is paid $30 per hour for every hour in excess of 40.
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