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Suppose low skilled labor and capital are substitutes but high skilled labor and capital are complements. Over the past few decades, the technology boom has greatly decreased the price of capital.

2a. Draw and explain 2 labor market diagrams to show what happens to the demand for high and low skilled labor as a result of this price drop.

2b. Now add new supply curves to your diagrams to show the effect of an increase in the number of high skilled workers and a decrease in the number of low skilled workers. Describe what happens.

2c. What happened to wages for both high and low skilled workers? Label this clearly in both of your diagrams.

2d. Suppose that advances in technology make capital and high skilled labor substitutes and capital an... [1:18 AM, 2/14/2022] Fridah: Suppose we have a production function

f(L, K) = L^(1/2)K^(1/4)

4a. Find the marginal product of labor. Explain in words what this means.

4b. Suppose the hourly wage is $10 and the price of each unit of capital is $25. The price of output is constant at $50 per unit. If the current capital stock is fixed at 1600 units, how much labor should the firm employ in the short run? How much profit will the firm earn?

4c. Now suppose the firm has a per-worker tax of $1 levied on them. How does this change their labor choice in the short run and their profit?

4d. Now let's ignore the per-worker tax and say instead the firm has a payroll tax where t = .10. What is the labor choice in the short run and the firm's profit?

4e. Are your answers to (4c) and (4d) different? Why or why not?

4f. Now suppose we are in the long run and we no longer have taxes. What is the optimal mixture of labor and capital that the firm should use?

Barb and Barry (BB) left their jobs to start a bakery in downtown Charlotte in 2010. Barb used to be an accountant and made $75,000 a year; Barry was a gym teacher at Cary High and made $60,000.

The bakery took in $350,000 in revenue each year between 2015 and 2019. BB took out a loan in 2010 for $100,000 that they used to buy equipment and to remodel the space where the bakery is located. Their annual loan payments are $10,000; those payments will continue through 2025. They used their house as collateral for the loan, so failure to make their loan payments would mean losing their house.

Other annual costs related to the bakery's operation between 2015 and 2019 were as follows:

Rent 20,000

Supplies 50,000

Utilities 10,000

Labor 80,000

Taxes 30,000

All the labor costs are hourly and do not include any of the time BB spend running the bakery. BB's income as bakery owners depends directly on the bakery's profitability.

a) What are the annual accounting costs of BB Bakery? What are the accounting profits?

b) What are the economic costs of BB Bakery? What are the economic profits?

c) Which of these costs are fixed? variable? sunk?

d) Based on the information above, was it wise for BB to have operated the bakery between 2015 and 2019?

e) When the pandemic hit in 2020, revenue at BB Bakery dropped by 50 percent. Suppose now that it is late December 2020. BB have two options looking forward: (1) take advantage of the labor shortage and return to their old jobs or (2) accept $60,000 in pandemic relief support from the federal government, enough to cover 75 percent of their labor costs. If they take the pandemic support, they must keep all employees on payroll for the same hours as in 2019. If they keep operating, the store hours would be the same, but the quantity of baked goods sold would still be 50 percent lower than before the pandemic. They estimate that their tax bill would fall to $15000. Which of the two options is in BB's best economic interest? Explain your answer.

An entertainment venue in a small town located near the England/Scotland border has been struggling to have steady clientele. They want to host a three-day battle of the bands style competition with local musicians and bands to attract people to their venue. Day 1 will consist of 12 bands/musicians playing a set with the audience voting on the top 6 teams to advance. Day 2 will host a second musical set from those 6 artists/bands with the audience again voting on the top 3 teams to proceed to Day 3. On the final day, each musician/band will perform twice, and the audience will vote on the winning act. The owners of the struggling venue hope that by engaging participants from the neighboring regions in both Scotland and England in a multiday event, featuring talent from both countries, they will attract larger numbers of consumers to their venue more consistently. They hope that if consumers visit the venue for this larger event, that they will return for the venue's other entertainment events like concerts, comedy shows, open-mic nights, poetry readings, and more. Their top goals and objectives for hosting this event are:

Objective #1: Showcase their venue to locals from both England and Scotland with the hope of attracting more attendees for the venue's future events Objective #2: Attract at least 250 total participants over the course of the three-day competition and have at least 100 tags/mentions of their venue on social media during the event Objective #3: Earn 5,000 Euros within the three days through VIP package purchases and food and beverage purchases within the venue

Discuss two strategies or actions you would use to help achieve each objective. What is your rationale for choosing these strategies? Discuss three ways that you will measure your return on investment for this event. Include both quantitative and qualitative methods. How will you determine the audience's receptivity to attending before the event? How will you use audience receptivity to determine if you should conduct this event again in the future?

What do the authors say is the purpose of their study?

What did Melville have to say about the role that information systems play related to environmental sustainability?

RFID technology utilization, GSCM practices, and environmental performance. How do the authors define/describe the three constructs?

List the five hypotheses that the authors assess.

Based on the authors' support for hypotheses four and five, describe the potential mediation effect of GSCMP and describe the potential moderation effect of the interaction between RFID and GSCMP.

what is the difference between mediation and moderation?

Describe the sample of experts that provided data for the study.

Where did the measurement scales for RFID, GSCMP, and environmental performance come from? Based on the authors' analysis, are the measurement scales both reliable and valid? Explain.

Look at the results of the statistical analysis depicted in Figures 2 and 3 and the Table 3. Which of the five hypotheses are supported by the results and which hypothesis is not supported? Consider hypothesis four (mediation). Does GSCMP mediate the impact of RFID on environmental performance? What does this mean? (Paragraph 3 in the Conclusions section with help you answer the "what" question.)

Consider hypothesis five (moderation). RFID and GSCMP both directly impact environmental performance, but do they interact to explain additional variation in environmental performance? What does this mean? Paragraph 3 in the Conclusions section with help you with the "what" question.

Does the implementation of RFID technology support the implementation of an environmental sustainability strategy? Answer based on the results of the Green et al. (2017) study and then explain what it is about RFID that leads to improved environmental sustainability. In other words, why/how is RFID inherently an environmentally friendly technology?

1. Market demand is p = a - bQ, where a, b > 0, p is price, and Q is the total quantity of output. The monopoly firm's cost function is C(Q) = f + cQ 2 , where f, c > 0 and a > c.

(a) Find the monopoly firm's quantity of output that achieves minimum efficient scale (MES).

(b) Use your answer in Q1.(a) above to carefully explain how the fixed and variable costs of production impact the monopoly firm's MES.

(c) Show how the assumption a > c ensures that a market exists for the monopoly firm's product (hint: draw the market demand curve and the firm's marginal cost curve on a two-dimensional graph).