1. (a) “….Immigrants aren’t the principal reason wages haven’t gone up; those decisions are made in the boardrooms that all too often put quarterly earnings over long-term returns…The point is, I believe that in this new economy, workers and start-ups and small businesses need more of a voice, not less. The rules should work for them. And I’m not alone in this. This year I plan to lift up the many businesses who’ve figured out that doing right by their workers or their customers or their communities ends up being good for their shareholders. And I want to spread those best practices across America. That’s part of a brighter future.” remarked former US President Barack Obama during the 2016 State of the Union Address.   

The President effectively joins a long raging debate on the effects of immigrants on the wages of natives. Using an appropriate economic model, analyse the validity of his argument. Identify any caveats in your analysis (use an appropriate graphical illustration).

You attend an academic lecture on campus and the presenter is trying to analyze support for President Trump’s impeachment. They are using the results from a survey that asks respondents “on a scale from 1 – 10, how much do you support President Trump’s impeachment? 1 means that you would strongly disapprove of impeachment, and 10 means that you strongly support impeachment.” Because you are a budding economist, you care about revealed preferences and are inherently skeptical of the setup of this study. In order to capture revealed preference, suggest another statistic this researcher could use to analyze support for President Trump’s impeachment, why?

how can a cost benefit analysis be used to inform decision making in the private sector?

Explain thoroughly when an expansionary fiscal policy is appropriate and when a contractionary fiscal policy is appropriate.   

Explain the three fiscal policies that can be used in expansionary fiscal policy.  Each policy must come with an example.  

Explain the three fiscal policies that can be used in contractionary fiscal policy.  Each policy must come with an example.  

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By common definition, a recession occurs when________?

Steel is considered to be_____?

15. Comment critically (take a position whether the statement is correct, incorrect or partially correct and support your position based on facts acquired in the course—not based on personal opinion): ‘Even though population increase takes place and economic prosperity increases, innovation in agriculture and reliance on market mechanism will assure availability of food for all.”

There are N symmetric firms in the industry, facing market demand
Q (p) = 250-p

Firms have a constant marginal cost of production of c = 10, and they compete in prices.
a) What are the Bertrand equilibrium price, output levels, and profits?
b) Suppose that the firms want to sustain the monopoly price using grim trigger strategies. Let each firm
produce a share of 1/N of the total demand under collusion. Calculate the critical discount factor as a function D (Delta) of N. Does collusion become easier or harder to sustain as N increases?
c) Suppose that the actual discount factor is = 0.7. How many firms can enter this industry without jeopardizing the cartel?

Explain deeply how does increase in prices affect on price-setting relation & wage setting relation? What happens to real wage and unemployment? Why?

What is the difference between labor force & out of labor force? To which category retired population is included?

You are looking for different flavors to add to your tea, to you, cardamom (x₁) is a “bad” and turmeric (x₂) is a “good.” Draw your indifference curves for both goods on the graph below (label your graph), briefly describe why the curves are shaped this way.

Amy has the utility function U=min(2x+y, x+2y) for goods x and y.

1) Draw the indifference curves where U=6 and U=12.

2) Draw Amy's typical demand curve for good x.

Based on compensating differentials who would you expect to earn more a lumberjack or a store clerk?

For the most part, product differentiation is accomplished through ___________.

How do unions control the supply of Labor?

Why do special interests so have so much power in our political system?

Why are voters rationally ignorant?

I will be thankful if you can share your opinion and ideas for these questions! I will like it for sure!

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Imports increase the domestic supply and lead to lower prices for consumers. Exports reduce the domestic supply and push price upward. The net effect of international trade is an expansion in total output and higher income levels for both trading partners (law of comparative advantages). "The United States is suffering from an excess of imports. Cheap foreign products are driving American firms out of business and leaving the U.S. economy in shambles." Evaluate this view. Review absolute and comparative advantages. Personal private property protection allows for greater entrepreneurial ventures, and thus an expanding economy and job growth; can import tariffs and quotas reduce the benefits of trade? Review the mechanics of import tariffs and quotas and world price

1. Consider the following equations that describe a closed economy with no government. Assume consumption is represented by the following: C = 200 + 0.9Y. Also assume that planned investment (I) equals 300.
   1. Obtain the saving function for this economy. What are the marginal propensity to save (MPS) and marginal propensity to consume (MPC)?
   2. Write the equation for the planned aggregate expenditure.
   3. Find the equilibrium level of output and calculate the level of consumption and saving that occurs at the equilibrium level of income.
   4. Explain the saving-investment approach to equilibrium. Recalculate the equilibrium level of output of the economy by saving-investment approach.
   5. Calculate the multiplier for this economy. Verbally explain the meaning of the calculated multiplier figure.
   6. Now, suppose the level of income is equal to 4000. What is the level of planned aggregate expenditures at this level of income? What is the value of any unplanned changes in inventories?
   7. Assume that investment increases by 25%. Using multiplier calculate the new equilibrium.

Three Cournot competitors produce in a market with indirect demand

P (Q) = 15- Q

The marginal cost for all firms is constant and equals 3.
a). What are the Cournot equilibrium quantities, price, and firm profits?
b) Two of the three firms want to merge. Calculate the new equilibrium quantities, price, and firm profits if
the post-merger market structure is the asymmetric duopoly.
c). Compare the merged firms’ pre- and post-merger profits. Is this merger good for the merging firms? for
consumers? for the outside firm?