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1. What is the significance of resource pricing? Explain how the factors determining resource demand differ from those determining product demands. Explain the meaning and significance of the fact that the demand for a resource is a derived demand. Why do resource demand curves slope downward?
2. In 2005 General Motors (GM) announced that it would reduce employment by 30,000 workers. What does this decision reveal about how it viewed its marginal revenue product (MRP) and marginal resource cost (MRC)? Why didn't GM reduce employment by more than 30,000 workers? By less than 30,000 workers?
3. Florida citrus growers say that the recent crackdown on illegal immigration is increasing the market wage rates necessary to get their oranges picked. Some are turning to $100,000 to $300,000 mechanical harvesters known as trunk, shake, and catch pickers, which vigorously shake oranges from trees. If widely adopted, what will be the effect on the demand for human orange pickers? What does that imply about the relative strengths of the substitution and output effects?
Try to comprise a discussion of elasticity and the demand curve as well as type of market. Make sure you also include some history etc.
Utilizing such areas as manufacturing and information technology or any related industry / areas that have had high job growth rates explain a scenario that would cause a shift in labor supply and demand.
In 1980s, 1990s, and the 1st decade of the 21st century, the US experienced a significant inflow of capital from abroad. Use a diagram of the United States capital market, demonstrate the effect of this inflow on rental price of capital in the US and..
Assume that the product depicted below generates external costs in consumption of $4 per unit. What is the socially optimal output By how much does the market overproduce this good
Explain how do you calculate the free market wage rate given the labor supply and demand functions.
Assume that James owns a wheat farm that produces an annual crop of 500 bushels. His only choice is to store it in a nearby grain elevator owned by Martin, whose facility will be empty unless James is using it.
Illustrate and explain the interaction of households, businesses, government and global markets in the circular flow of economic activity.
At a price of $40, what output level would the firm produce? What would its profits be
Discuss and explain why hyperinflation has such a devastating impact on economies. Describe what it takes to stop hyperinflation.
Which of the following is the best example of a monopolistic competitor? Firms in a monopolistically competitive industry produce:
How does the demand curve faced by a purely monopolistic seller differ from that confronting a purely competitive firm? Why does it differ? Of what significant is the difference? Why is the pure monopolist demand curve typically not perfectly inelast..
An economy consists of two regions, the North and the South. The labor market is initially in an economy-wide equilibrium, with 1,000,000 people employed in the North at $25 per hour and 2,000,000 in the South at a wage of $15 per hour. Assuming t..
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