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Suppose that you have drawn a total product curve for labor given a specific technology. Now let some sort of technological change increase the productivity of labor. A new total product curve would
Below in the following table is the relationship between the number of workers per hour and the total product per hour for a tire company. The relationship between output produced per hour and the p
Add 2 additional columns to the table, and enter the marginal product and average product for each number of workers
Consider an economy with the following Cobb-Douglas production function: Y = K1/3 L2/3. The economy has 1,000 units of capital and a labor force of 1,000 workers. 1. What is the equation describing th
A person rents a house for which she pays the landlord $12,000 per year. The house can be purchased for $100,000 and the tenant has this much money in a bank acount that pays 4% interest per year. I
A local market for three-bedroom rental units is depicted by the following demand and supply equations: Qd = 2000-P; Qs = -1000+P; where P is the rental price in dollars and Q represents the number of
What are the initial effects of this monetary policy on the goods market, the money market, the foreign exchange market and the balance of payments of the domestic economy? Which curve(s) will shift
Write down the consumption function (Hint: Make sure you use the appropriate numbers from the above table as the true representation of the observed data) Write down the saving function (Hint: Make
Problem: You all hear on TV every day or so that the US consumer has been holding up and kept our economy going. Conversely, you have heard that the major cause of the current economic weakness has
Problem: Does anyone know of a good economic impact analysis on the Internet that shows numbers using the multiplier effect?
Suppose the construction of the $360M stadium is to be financed entirely with debt to be repaid over 20 years. The repayment burden is negilible in the short run. If the multiplier effect is Additio
The consumption function measures the additional consumption due to increased income as a percentage of that increase in income.
Question 1. Using your knowledge of marginal revenue product, explain the following: a. A star is paid $200,000 for appearing in a 30-second television commercial. The actor who plays his doubles pa
If the economy currently has a frictional unemployment rate of 2 percent, structural unemployment of 2 percent, seasonal unemployment of 0.5 percent, and cyclical unemployment of 2 percent, what is
The group that sets Federal Reserve policy on buying and selling government securities (bills, notes, and bonds) is the:
Problem 1: How much is a Rupee to the US dollar? Problem 2: Do you know how much earnings Google reported to the (GAAP), both in rupees and in U.S DOLLARS?
The Bureau of Labor Statistics reported that in January 2000 the total labor force was 140,910,000 of a possible 208,782,000 working-age adults. The total number of unemployed was 5,689,000. From t
Mr. Whammo has just invented a magic pill. Take it, and it transports you anywhere. Explain his inventions effect on the economy.
In August 2002, preliminary data showed that payroll employment rose 39,000, household employment rose 429,000, and the unemployment rate fell from 5.9% to 5.7%. 1. Based on these data, what conclus
1) Among all working people, will this program lead to a reduction in hours worked? prove your answer either graphically or mathematically. state all assumptions. 2) What are the expected effects on
Depict graphically the two market equilibrium, clearly labeling the wage (use WA and WB) and employment that clears each market.
1. What research did Krueger use to "help win" a rise in the minimum wage in 1996? What did his results show? 2. What were the "benign consequences" of the previous minimum wage hike?
Suppose the firm is under contractual obligations to keep its output at current levels. What long - run adjustment if any, should the manager make in the firm's employment of labor and capital?
Problem: Suppose the U.S. government is considering changes in economic and social policy to reduce wage inequality.
If there was a mandate that firms had to pay all workers' health insurance, regardless of their time with the company, what would happen to general and specific training in labor markets?