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Suppose that Congress passes legislation making it more difficult for firms to fire workers (an example is a law requiring severance pay for fired workers). If this legislation reduces the rate at w
Your usage of paint drops from 35 gallons a month to 20 gallons a month. Perform the following: 1. Compute the price elasticity of demand for paint and show calculations. Decide whether the demand f
Assume that government purchases decrease by $10 billion, with other factors held constant, including the price level. Calculate the change in the level of real GDP demanded for each of the followin
Suppose that two people, Michelle and James each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle devotes all her
At a time when demand for ready-to-eat cereal was stagnant, a spokesperson for the cereal maker Kellogg's was quoted as saying " for the past several years, our individual company growth has come ou
You are the manager of a firm that competes against four other firms by bidding for government contracts. While you believe your products is better than the competition, the government purchasing ag
In 2008, the DOJ decided not to challenge a merge, and 160;these two firms united become Sirius XM. If you were an economic consultant for 160;Sirius, what economic arguments would you have presente
Now suppose that both a second secretary and a second computer are hired. As a result of specialization, the two secretaries together can now type 5 papers per day. Does this firm have increasing or
Monetarists believe that changes in the money supply will have no effect on real income in the long-run. In other words, they believe that money is ‘neutral' in the long-run. How does this lon
The economy has 1000 units of capital and a laor force of 1000 workers. a). Derive the equation describing labor demand in this economy as a function of the real wage and capital stock.
Many demographers predict that the United States will have zero population growth in the twenty-first century, in contrast to average population growth of about 1 percent per year in the twentieth c
For each of the following situations, determine whether the money supply will increase, decrease or stay the same. i. Depositors become concerned about the safety of depository institutions ii. The Fe
Suppose that, in a perfectly competitive market at the profit maximizing quantity, the market price is greater than average total cost. Carefully explain what will happen to the number of firms, the
Yesterday, a perfectly competitive producer of construction bricks manufactured and sold 10,000 bricks per week at a market price that was just equal to the minimum average variable cost of producin
Suppose that the labor market is segmented into two industries: SlowGo and HiTek. Initially, both markets are in equilibrium and the same real wage clears in both markets. Managers learn the GWMacro
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
Each has a crucial role to play if the discipline system is to be effective. Discuss the elements of a company's discipline system or process and explain whether you feel it is effective or not in h
In NYC cab drivers have to acquire licenses to become cab drivers. They are pretty costly and protect the drivers that are already present in the industry. Still, there are zillions of cab drivers i
Suppose that ranchers can buy up to a collective total of 200 cows and run them on the open range. The value of each cow after it has grazed is given by V= $2000-10C, where C is the total number of
Explain the finding that people in high-income economies seem happier than people in low-income economies, but, over time, people in high-income economies do not seem to be any happier even if their
During the 1980s and 1990s, the United States experienced a significant inflow of capital from other countries. For example, Toyota, BMW, and other foreign car companies built auto plants in the Uni
Let's take a closer look at ERP and CRM solutions. How do these type of solutions improve business efficiency and help meet some of the goals and objectives of using e-com to streamline business fun
Imagine a firm that hires 2 types of workers, some with computer skills and some without. If technology advances so that computers become more useful to the firm, what happens to the marginal produc
Some economists believe that Fiscal Policy can affect swings in the business cycle. Looking back to the book, it discusses the Japanese government and their government cutting taxes.
Suppose you have just been appointed to the Federal Open Market Committee of the Federal Reserve. Your advisors report that the economy is growing slowly. Real GDP is at an annual growth rate of 0.0