(Short-run Cost Minimization) Rosenberg produces boardgames using Labour(L) and Machines(K) as inputs. His board game production function is given as…
October 1, 2020
During the duration of the semester, browse every week through the resources listed under the module “Good Economic Resources and News” and read,…
October 1, 2020
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In the city of New York, plumbers have the option of joining a union or working as a non-union plumber. Suppose the total short-run supply of…

In the city of New York, plumbers have the option of joining a union or working as anon-union plumber. Suppose the total short-run supply of plumbers is perfectly inelastic at 500workers per day. Union workers can often guarantee their work in ways non-union plumberscannot, so demand for union workers is slightly higher. Let the demand for nonunion plumbersbe WNU = 30 – 0.04L and the demand for unionized plumbers be given by WU = 30 – .1L. Wagesare specified as dollars per hour of work, and L represents the number of workers per day.Determine the total demand for plumbers in New York.

 

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