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I am in need of questions #13 and #14 specifically. Please show work. Case 2: In the country of Shem, the CPI is calculated using
I am in need of questions #13 and #14 specifically. Please show work.
Case 2: In the country of Shem, the CPI is calculated using a market basket consisting of 30 apples, 10 loaves of bread, 6 robes and 40 gallons of gasoline. The per-unit prices of these goods have been as follows: 10. ( 6 Points) using the above table and using 2003 as the base year, calculate Shem's inflation rate between 2003 to 2004? Show your step fully! 13. (5 Points) the Widget Company has the following production function (see Table #4 below). If widgets sell for $6 each and the wage rate is $33, how many workers will the company hire? (show all your steps for full mark) 14. Suppose the marginal product of labor in the economy is given by MPN=2000.5N, while the supply of labor is 100+4w. (a) (4 Points) Find the market-clearing real wage rate. (b) (3 Points) What happens if the government imposes a minimum wage of 60 ? Is there involuntary unemployment? Case 2: In the country of Shem, the CPI is calculated using a market basket consisting of 30 apples, 10 loaves of bread, 6 robes and 40 gallons of gasoline. The per-unit prices of these goods have been as follows: 10. ( 6 Points) using the above table and using 2003 as the base year, calculate Shem's inflation rate between 2003 to 2004? Show your step fully! 13. (5 Points) the Widget Company has the following production function (see Table #4 below). If widgets sell for $6 each and the wage rate is $33, how many workers will the company hire? (show all your steps for full mark) 14. Suppose the marginal product of labor in the economy is given by MPN=2000.5N, while the supply of labor is 100+4w. (a) (4 Points) Find the market-clearing real wage rate. (b) (3 Points) What happens if the government imposes a minimum wage of 60 ? Is there involuntary unemploymentStep by Step Solution
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