Consider an economy with the following CobbDouglas product.pdf

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"Consider an economy with the following CobbDouglas production function: Y=5K1/3L2/3. Derive the equation describing labor demand in this economy as a function of the real wage and the capital stock. (Hint: Review Chapter 3.) The economy has 27,000 units of capital and a labor force of 1,000 workers. Assuming that factor prices adjust to equilibrate supply and demand, calculate the real wage, the total output, and the total amount earned by workers. Now suppose that Congress, concerned about the welfare of the working class, passes a law setting a minimum wage that is 10 percent above the equilibrium wage you derived in part (b). Assuming that Congress cannot dictate how many workers are hired at the mandated wage, what are the effects of this law? Specifically, calculate what happens to the real wage, the employment, the output, and the total amount earned by workers. Does Congress succeed in its goal of helping the working class? Explain. Do you think that this analysis provides a good way of thinking about a minimum- wage law? Why or why not? ".

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ANSWER SHEET IMPORTANT: STUDENT PLEASE COMPLETE ALL INFORMATION BELOW BEFORE SUBMITTING BACK TO YOUR INSTRUCTOR/Assignment Folder. STUDENT PLEDGE: By typing my name below, I am confirming that I have completed the answers to this final examination myself and to the best of my ability, and that I have used my own words (not plagiarized) to answer short answer and essay questions. STUDENT NAME___Type Your Name Here___ DATE COMPLETED/SUBMITTED ___INSERT DATE_____ [To Student: All your answers should be entered on this Answer Sheet. Submit this Answer Sheet to your Assignment Folder when completed.] Instructor: David Byres. Course: BIOL 101 Section: 6982 Due: This Answer sheet should be submitted to your Assignment Folder within 3 hours of downloading the Exam. Latest deadline for submission: 11:59p.m. 7/26/2015 Multiple Choice (Answer 30 Questions) Type in the letter that represents your best answer to the corresponding question from the original final exam document. 1. 16. 2. 17. 3. 18. 4. 19. 5. 20. 6. 21. 7. 22. 8. 23. 9. 24. 10. 25. 11. 26. 12. 27. 13. 28. 14. 29. 15. 30. Short Answer (Answer 3 Questions) Complete these answers in your own words. Follow instructions in the Final Examination document. Answer all questions according to the instructions. Number each question here according to its number in the Final Examination document provided by your instructor. Each answer should be between two paragraphs and half a page in length. Essay (Answer 2 Questions) Complete these answers in your own words. Follow instructions in the Final Examination document. Number each question here according to its number in the Final Examination document provided by your instructor. Each answer should be roughly one page in length. 103: Intermediate Macroeconomics Homework 4 Due on 23rd July 2015 Topic 7a: Income and Spending Conceptual questions: 1. We call the model of income determination developed in this chapter a Keynesian one. What makes it Keynesian, as opposed to classical? 2. What is an autonomous variable? What components of aggregate demand have we specified, in this chapter, as being autonomous? 3. Why do we call mechanisms such as proportional income taxes and the welfare system automatic stabilizers? Choose one of these mechanisms and explain carefully how and why it affects fluctuations in output. 4. Show analytically what happens to the budget surplus when government increases its expenditures. Technical Questions: 5. Here we investigate a particular example of the model studied in Sections 9-2 and 9-3 with no government. Suppose the consumption function is given by C = 100 + .8Y, while investment is given by I = 50. a. What is the equilibrium level of income in this case? b..

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ECN211 Chapter 8 Worksheet – Unemployment Section 8.1– How the Unemployment Rate is Defined and Computed 1. Give examples of those individuals in the population who are not interested in working, and thus are considered out of the labor force. 2. Who is considered part of the labor force? 3. Give the formula for calculating the unemployment rate. Consider Table 8.1. What was the unemployment rate in February 2015 (or the date presented in your text)? How does that compare to the current unemployment rate? 4. Give two examples of those who are the hidden unemployed. 5. Give the formula for calculating the labor force participation rate. Consider Table 8.1 What was the labor force participation rate in February 2015 (or the date presented in your text)? How does that compare to the current labor force participation rate i? 6. What is the difference between the unemployment rate and labor force participation rate? 7. How is US unemployment data collected? 8. What are some criticisms of the way the unemployment rate is measured? Section 8.2– Patterns of Unemployment 9. Describe the historical pattern of US Unemployment (Figure 8.3). What tends to be the range of unemployment rates over time? 10. Describe the differences in unemployment rates by sex, age, and by race and ethnicity (Figure 8.4). 11. Analyze the reasons for reported unemployment and the length of time unemployed (Tables 8.2 and 8.3). 12. Describe trends in US unemployment relative to other high income countries. Why is it more difficult to compare unemployment rates between rich countries and developing (poorer) countries? Section 8.3– What Causes Changes in Unemployment over the Short Run 13. Define cyclical unemployment, and describe how the presence of it challenges the presumption of efficient labor markets (i.e., wages return to equilibrium quickly and all workers supplied are demanded, leaving a 0% unemployment rate). 14. Why might wages be sticky downwards? Describe the various arguments for why this may be: a. Implicit contract b. Efficiency wage theory c. Adverse selection of wage cuts argument d. Insider-outsider model e. Relative wage coordination argument 15. Graph the impact of a labor market experiencing a surplus and sticky wages downwards. Should we expect wages to fall and thus more employers to hire? Section 8.4– What Causes Changes in Unemployment over the Long Run 16. Describe what is meant by the natural unemployment rate. 17. Contrast frictional unemployment from structural unemployment, and how together they determine the natural unemployment rate. 18. Relate the natural unemployment rate with the idea of potential real GDP. 19. How could changes in labor productivity levels, and corresponding increases in wages, lead to unemployment? What will need to happen to productivity to solve the labor surplus (Figure 8.8)? 20. How can public policy impact the natural rate of unemployment? 21 ...

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Chapter 1 57. What is the difference between recession and depression in an economy? Provide an example of depression from the real world that has hit the global economy. Use the following to answer question 58: Answer: When there is a mild fall in the gross domestic product (GDP) of an economy over a period of time it leads to recession in the economy. If the intensity of the fall in GDP is severe over a period of time, then it turns into a depression. Recession is cyclic in nature; that is, it repeats itself over a period of time in an economy. A famous example of depression is that of the Great Depression of the 1930s that occurred in the United States and affected the global economy. Even the financial crisis of 2008-2009 in the United States was very much reminiscent of the Great Depression. 58. Refer to the following graph and identify the years for which Country A and Country B experienced recession. Country A experienced its recession during 2003 and its early recovery during 2004. Country B experienced its first recession during 2002 and its early recovery in 2003. Country B experienced a second recession in 2007. 59. Why do we call macroeconomics an imperfect science? Explain. The study of macroeconomics depends mainly upon the historical data on different economies. Macroeconomists analyze these data to explain changes occurring in different economic parameters (income, prices, unemployment, etc.) and formulate policies. Additionally, macroeconomic studies cannot be conducted in controlled experiments, as in biology or chemistry, for example. In this way, macroeconomists are similar to weather forecasters. 60. Are the terms “market clearing” and “equilibrium” one and the same? Explain. Yes, both terms represent the same notion: the balance between supply and demand. It is the balancing point at which everything that is produced gets sold and fulfills the entire demand. Thus, if all other things remain constant, then there is no tendency to change the quantity supplied and demanded at this point. 61. Do you agree with the statement, “macroeconomics rests on the foundation of microeconomics”? Explain. Macroeconomics involves studying the aggregate of economic variables related to individual decision making parameters, which are microeconomic (think of individuals' expenses, investments, etc.). That is to say, the total expenditure in an economy is the aggregate (sum) of all the expenditures done by all consumers in that economy, or the total investment done in an economy is the aggregate (sum) of all individual investments done by firms in that economy. This reflects that macroeconomic study rests on the foundation of microeconomics. 62. Give two examples of macroeconomic variables and microeconomic variables. The income of your father is a microeconomic variable, while the gross domestic product (GDP) of your country is a macroeconomic variable. The money your father saves in the bank is a microeconomic va.

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1. Begin with a George/Harriet (exchange) economy with 2 units of ale and 1 unit of bread (so that the Edgeworth Box is rectangular.) Assume generic preferences. [Hint: There isn’t a unique way to draw indifference curves. Every time we change the utility function, we change which points are on the same indifference curve. Our theory is general enough that it works with lots of utility functions, so that we don’t have to specify a specific one in advance. But what makes the utility function part of the environment is that if you ever change it after picking one, you are talking about an entirely different economy.] Define the Contract Curve. Argue through the definition of Pareto Optimality why the allocations which give all of the resources to one of the two agents (George or Harriet are on the curve.) Pick one point above the contract curve and one point below, show why these two points are not on the indifference curve. Find all of the points on the Contract Curve which dominate one of your two points. Explain why at least one of these points is on the Contract Curve. 2. Consider the same above economy and assume a specific endowment such that George has all of the ale and Harriet all of the bread. Assume both agents’ preferences can be represented by the same utility function. Show how to construct the supply and demand curves for ale by constructing at least three points on it via an explained graph. What items in the Edgeworth box adjust to show that? Make sure one of the points you include is the equilibrium point, a second represents a shortage and the third a surplus of ale. Label the amount of the shortage/surplus on the Edgeworth box and the supply/demand curve. 3. Again consider the previous economy. Suppose that a public official has her own preferences for this economy that considers a point on the contract curve which gives Harriet strictly higher utility than the competitive equilibrium. Explain intuitively the meaning of lump sum taxes. Show how the public official can use lump sum taxes such that the resulting equilibrium matches her preferences for the economy’s outcome. Could she use lump sum taxes to implement an outcome that was off the Contract Curve if for some very unusual reason she wanted to? 4. Let’s suppose that we believe that an Edgeworth box economy is a good description of the resource allocation problem for an actual economy where George and Harriet are stand in for two organized political factions in a democratic political system. What would the welfare theorems lead us to predict about the extent (and possible) outcomes of political conflict in the outside economy? Let’s say upon observation, we saw that the two political parties claimed that their preferred policies towards resource allocation satisfied a “national interest.” [This is not a economic term with a known meaning]. How would the models in Chapter 2 and 3 help you interpret/understand this claim? Let’s say that we hoped to interpret this clai ...

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BA 301.01 Chapter 3 Homework Identify Q1) Examine the data set on the worksheet Q1. This should be familiar; you saw this data set in last week’s homework. Recall that this is a survey of 500 households. The definitions of the variables can be found by reading the comments (the little red triangles). a) Suppose we wanted to examine the distribution of the variable Utilities. It would be appropriate to create a histogram, but we would like to identify measures like the mean, median, and quartiles. What other type of graph could you create? b) In order to examine the relationship between the variables First_Income and Second_Income, what type of graph should be created? What summary measures, if any, should be calculated? c) In order to examine the relationship between the variables Location and Monthly_Payment, what type of graph should be created? What summary measures, if any, should be calculated? Execute Q2) Examine the data set in the worksheet Q2. This data set lists the 15 players on the 2015-2016 roster of the Los Angeles Lakers. The variables include the name, position, and salary for each player. Create a side-by-side boxplot for Salary, broken out by Position. In other words, there should be 5 boxplots, one showing the distribution of salaries for those who play center, one showing the distribution of salaries for those who play point guard, and so on. Specifically, this should all be in a single graph. Q3) Examine again the data in sheet Q1 (there is no sheet Q3.) We would like to know if the size on one’s family has an effect on their income. Keeping in mind which is the explanatory variable and which is the response variable, create a scatterplot of the variables First_Income and Family Size. Be sure to include the correlation coefficient. Q4) Who has been most likely to access the internet over the past decade? Consider the survey data collected from 1,000 randomly selected internet users, given in Q4. Create pivot tables to answer each of the following questions, and be sure to highlight your answer: a) i. What proportion (percentage) of these internet users is currently employed? ii. What is the average salary of the employed internet users in this sample? b) What proportion (percentage) of these internet users is single with no formal education beyond the high school? c) What proportion (percentage) of these internet users are men under the age of 30? Interpret Q5) Interpret the following. What do you learn? What conclusions can you draw? In May of 2008, a study was published examining CEO compensation (salary and bonus.) In last week’s homework, you viewed a boxplot of the distribution of compensation, as well as summary measures. Here is the same data, now broken out by company type (there were 10 different company types surveyed: from Basic Materials to Utilities). Side-by-side boxplots are on the next page. Again, what can you conclude? Comp 08 (Basi ...

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1. "Consider an economy with the following CobbDouglas production function: Y=5K1/3L2/3. Derive the equation describing labor demand in this economy as a function of the real wage and the capital stock. (Hint: Review Chapter 3.) The economy has 27,000 units of capital and a labor force of 1,000 workers. Assuming that factor prices adjust to equilibrate supply and demand, calculate the real wage, the total output, and the total amount earned by workers. Now suppose that Congress, concerned about the welfare of the working class, passes a law setting a minimum wage that is 10 percent above the equilibrium wage you derived in part (b). Assuming that Congress cannot dictate how many workers are hired at the mandated wage, what are the effects of this law? Specifically, calculate what happens to the real wage, the employment, the output, and the total amount earned by workers. Does Congress succeed in its goal of helping the working class? Explain. Do you think that this analysis provides a good way of thinking about a minimum- wage law? Why or why not? "

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