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When firms decide to offer health insurance to their workers [for simplicity we assume they pay the full cost of the policy and do not ask for an employee contribution], they need to reconsider the wages they are willing to pay their workers. Assume the worker values the health insurance at full cost. Please use a labor supply and demand graph (as we covered in class) to analyze the effect of introducing insurance on the labor market. Show the supply and demand equations before and after health insurance is offered. Make sure to always label graphs well and indicate the equilibrium level of wages that result before and after health insurance is offered. How does this help us see who really pays for employer provided health insurance?
Suppose the original demand for labor equation is given by W=12-0.5L and the original labor supply equation is given by W=L. Suppose that health insurance costs $2 per worker. Please write down the new equations for the demand and supply graphs once insurance is introduced, and explain how you obtain them.
Suppose that the world price of oil is roughly $60 per barrel and that the world demand and total world supply of oil equal 34 billion barrels per year (bb/yr), with a competitive supply of 20 bb/yr and 14bb/yr from OPEC. The equation for the long-ru..
A monopoly is producing a level of output at which price is $80, marginal revenue is $40, average total cost is $100, marginal cost is $40, and average fixed cost is $10. In order to maximize profit (minimize loss), the firm should
q.two retail rms compete in costs in a downstream market in which base demand as well as is given by pr 1-q. the rms
here are many liquid cold medicines, all of which have almost exactly the same ingredients. Yet medicines with brand names that the man recognizes from television commercials are for more than the unadvertised versions. Elucidate in economic terms..
A monopolist produces at constant marginal cost c = 1 It sells the product in the domestic market, where demand is Qd = 5 ? Pd, and some foreign markets with total demand Qf = 2 ? Pf Find the prices that will set in each market and the proportion of ..
Tom gains utility from consumption C and leisure L. The most leisure she can consume in any given week is 112 hours. His wage is $20. His utility function is U(C,L) = C^3/4*L^1/4. Tom receives 640 each week from her great-grandmother. What is the mar..
Assume you have the power to make reforms to the way tax research and planning is currently conducted. Propose the reforms you would make. Justify your response.
A firm’s production function is given by: f(L,k) = L^1/2 , where L is the only input into production and it is variable in both the short and long run. Draw the long-run conditional labor demand in (L,Q) space (in other words, with L on the x-axis)
The first national bank received 3,000 inquiries following the latest advertisement describing its 30-month IRA accounts in the Boston World, a local newspaper. Assuming that additional ads would generate similar response rates, is the bank running a..
q1. the government of new holland is experiencing lower energy costs due to new technology in extracting energy sources
q1. in recent decades americans have increased their purchase of stocks of foreign base companies. the americans who
While all members of the Federal Reserve Board of Governors vote at Federal Open Market Committee (FOMC) meetings, only______ of the regional bank presidents are members of the FOMC. The Federal Reserve's role as a lender of last resort involves lend..
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