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With reference to output and substitution effects, explain why and how an increase in the wage rate of autoworkers willgenerate a negative employment response in the long run than in theshort run. Assume no changes in prices on non labour input and assumelabour productivity remains constant.
You make monthly deposits of $1,000 in a bank starting at the end of month 1 and lasting 5 years (the last deposit is at the end of month 60). What is the future value of these deposits right after your last deposit? Assume the nominal annual interes..
Find out our initial consumption bundle and the utility it provides. What share of your income do you spend on each good? One day you wake up to the horrible news that the price of coffee increased to $3. What is the new optimal consumption bundle?
Think of an industry that pollutes the water and has access to variable technology for reducing that pollution. Explain the impact of each of the following, other things constant, on the optimal level of water quality:
What could be the full increase in real GDP from the change in government spending assuming that the aggregate supply curve is horizontal across the range of GDP being considered.
The text notes that, if demand reversal were the cause of the Leontief paradox, then labor would be relatively cheap in the United States. Explain the reasoning behind this statement.
If the quantity of housing supplied in a community is greater than the quantity of houses demanded, the existing price:
A proposed regulation regarding the removal of arsenic from drinking water is expected to have an annual cost of $200 per household per year. If it is assumed that there are 90 million households in the country and that the regulation could save 12 l..
Bank reserves are: currency and customer checking deposits. currency, customer checking and savings deposits. any asset used to purchase goods and services. cash and similar assets held to meet depositor withdrawals or payments.
Explain following statement using supply-and-demand diagrams: “When weather turns warm in New England every summer, the price of hotel rooms in the Caribbean resorts plummets.” As part of your explanation, illustrate the approximate supply-demand shi..
Explain using the money market graph, what happens when (1) the price level (CPI) goes up, (2) when the discount rate is lowered and (3) when the Fed sells more bonds on the market. What will happen to the equilibrium interest rate in each case?
What are the fixed costs? What are the variable costs? What is marginal cost? [Hint: for the marginal cost, consider making a small table and determine marginal cost for different values for Q.] Derive relationships for AFC, AVC, and ATC. What is ave..
it can sell its output for $25 each. Illustrate what is break-Explain how your work both graphically and algebraically.
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