Question

On a separate piece of paper, draw a graph representing demand for workers at a firm with a union. Label employment on the horizontal axis and dollars on the vertical axis. Draw a demand curve, and two indifference curves for the union, that represent the tradeoff between employment and wages. One of these indifference curves should be tangent to the firm's demand for labor curve. Add isoprofit lines to your graph, that represent the firm's tradeoff between wages and employment. Isoprofit lines should be maximized at the intersection with the demand curve, but also need to be placed where they are tangent to the union indifference curves. Draw the contract curve segment on your graph. Submit in class, or take a picture of your work and submit here.

Answer #1

Question 1: Draw and
carefully describe a graph that utilizes the
Aggregate Demand/Aggregate Supply model that would illustrate the
current state of the aggregate economy in the
United States as of October 2020. The Aggregate Demand/Aggregate
Supply Model is first introduced in Chapter 11 (Links to an
external site.) of your text and is further explicated in Chapters
12 and 13. Make sure that you explain your graph in your own
words.
You should draw your own AD/AS graph which...

3. Nora enjoys fish (F) and chips(C). Her utility function is
U(C, F) = 2CF. Her income is B per month. The price of fish is
PF and the price of chips is PC. Place fish
on the horizontal axis and chips on the vertical axis in the
diagrams involving indifference curves and budget lines.
(a) What is the equation for Nora’s budget line?
(b) The marginal utility of fish is MUF = 2C and the
Marginal utility of chips...

The Acme Giant Rubber Band Company has the following inverse
demand and supply curves of workers. ? = 200 − 0.25? ? ? = 50 +
0.5? ? where W is the annual wage rate (in thousands), ? ? is the
number of workers demanded at wage W and ? ? is the number of
players willing to play at the wage W. The company is in the
desert. It is isolated and far away from any cities and is...

Use the following information for the next 4 questions. You
should draw a graph that depicts the situation below and use your
picture to answer the questions. Assume that wages and prices are
sticky and that we start at a long-run equilibrium. Assume that at
this initial point, the growth rate of the money supply is 6%, the
growth rate of the velocity of money is 0% and inflation is 2%. Now
assume that people begin to fear losing their...

Question 1
The line that connects the combinations of goods that leave you
indifferent is called:
Select one:
a. the indifference curve.
b. the budget constraint.
c. the indifference constraint.
d. the indifference line.
Question 2
An increase in income will cause:
Select one:
a. the budget constraint to become flatter, so that it includes
more combinations.
b. the budget constraint to become steeper, so that it includes
more combinations.
c. a parallel shift inward of the budget constraint.
d....

Question 1
If you are trying to make yourself as happy as you can be given
the constraints that you face, you are effectively:
Select one:
a. trying to find the intersection point between two budget
constraints.
b. trying to find the point on the budget constraint that is on
the highest indifference curve.
c. trying to find the point where the budget constraint and an
indifference curve intersect.
d. trying to find the point on an indifference curve that...

1 Revenue and Cost A student intern discovers the following
about the demand for attendance at a pro sports team’s games: P =
$180 – 4A where P is the ticket price, measured in dollars, and A
is their attendance measured in thousands of fans. Assume that
marginal cost is $20, and total cost is 20A.
a) Draw the attendance demand function.
b) Find the total revenue function and draw the curve on a
different graph (put price on the...

Total utility can be objectively measured in numbers that
indicate usefulness or benefit to the consumer.
____ 2. Consumers should purchase quantities of a good to the
point where MU > P.
____ 3. Voluntary exchange requires that there must be mutual
gain.
____ 4. Points along a budget line represent the maximum
combinations of two commodities that a consumer can afford.
____ 5. The budget line represents a consumer's preferences
for a commodity.
____ 6. A change in consumer...

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 13 minutes ago

asked 17 minutes ago

asked 20 minutes ago

asked 36 minutes ago

asked 36 minutes ago

asked 44 minutes ago

asked 48 minutes ago

asked 48 minutes ago

asked 58 minutes ago

asked 59 minutes ago

asked 1 hour ago

asked 1 hour ago