demand and supply of labor. The supply depends on the willingness to go to work at different wage rate. The demand depends on the value of marginal product of labor. If marginal product of labor is constant‚ a decrease in real wage will increase demand. 3. Explore the Robert Solow’s capital deepening model (appendix A‚ page 186‚ to chapter 8). Explain what each of the lines represents and why capital deepening must eventually come to an end.
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for two days and Activity F by a day. Now proceeding from here: Activity ID Predecessor Normal Time (Days) Crash Time (Days) Normal Cost Crash Cost ($’000) ($’000) A - 5 2 $100 $205 B - 6 3 $140 $205 C - 7 5 $140 $200 D A‚ B 6 2 $100 $340 E C 3 1 $120 $200 F C 8 5 $580 $700 G D‚ E‚ F 5 3 $400 $660 Note: A "fully crashed schedule" means a project that has been crashed until the cost of crashing exceeds the marginal gain associated with eliminating overhead cost (which is $100‚000 per
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past experience‚ and‚ therefore‚ by the establishment of a perceptual set. It is based on an experiment conducted by Bugelski and Alampay (1961). It was hypothesized that interpretation of an ambiguous stimuli that can be perceived as either a rat or a human face will be influenced by the context under which they view the figure and their past experience with other figures. That is they will be influenced by their perceptual set. The results from this study supported the hypothesis with the
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will reduce the value of fisheries. E) all of the above Answer: I-3 3) In a perfectly competitive market: A) there are a few buyers. B) there is a single seller. C) there is a cartel. D) no single buyer or seller can significantly affect the market price. Answer: I-4 4) Suppose you are in charge of product pricing and marketing strategy for a pharmaceutical company. You will have greater ability to independently set prices for your product if: A) there are no close substitutes for your
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employer is to maximise profit. [D.Hamermesh 1996] Farmers want to maximise profit through paying the bare minimum for the unskilled labour. However‚ from a farm workers perspective‚ they want to be paid the highest possible wage. The suggested solution set by the government is to increase minimum wage for unskilled labours. However‚ in the case of a minimum wage one might argue that regulating a minimum wage is needed to prevent exploitation. [P. Dibben 2011] In the most recent strikes‚ farm workers demanded
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Economics 515 AU12 Midterm 3 Review The exam will have 10‚ 10-point questions on it from the questions below. 1. Explain briefly how guns and steel aided in Europeans’ attempts to conquer the native population of Africa and the Americas. How did germs work in favor of European conquest against the Incas? How did germs work against the Europeans in their imperialist efforts in Africa? 2. Describe the attempt of Europeans to colonize Africa depicted in Guns‚ Germs‚ and Steel
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assets. Thus‚ the borrowing firms’ net worth in real terms declines. When this happens there will be a sharp drop in the price level‚ increasing moral hazard and adverse selection‚ which will make a firms economic activity‚ (lending) decline. Also step 3 of 3 in the U.S. financial crisis. How does deterioration in the balance sheets of financial institutions and the simultaneous failures of these institutions cause a decline in economic activity? * With the deterioration of the balance sheets
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the birth date . and allow them to choose which ad or commercial they thought was the best. By adding a function for birthday information I can measure the age range of those whom complete the poll. • What special problem do open-ended questions have? How can these be minimized? In what situations are open-ended questions most useful? Open-ended question leave the possibility for more question to be asked . If ther e is no end to the question of if
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merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups. c. From each according to his ability‚ to each according to his needs. 3. (10 points) In Henry Hazlitt’s “Broken Window” story the glazier gained $250 in business because the hoodlum broke the window of the baker. Some witnesses argue that the glazier will now have $250 more to spend with other merchants and that the smashed
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scarce resources. Question 2 1. Which of the following statements best illustrates the use of the market process in determining the allocation of scarce resources? A. "We should consider shifting to products where we can earn more money." Question 3 1. One key question from the "One lession of business" might be A. should the firm be in the business in which it is operating. Question 4 1. Opportunity cost is best defined as D. the amount given up when choosing one activity over the
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