Euphrasia, a mixed open economy, was severely affected by a recession that almost paralyzed its service sector. the euphrasian government announced a fiscal stimulus package of $15,000 billion to boost economic growth. gdp of the economy was expected to increase by 2.5 percent during the following year after the implementation of the fiscal stimulus package. however, it was observed that instead of increasing, the gdp of euphrasia actually declined by 0.75 percent that year. which of the following, if true, will explain this outcome? a. a number of public sector enterprises in euphrasia were privatized. b. one of euphrasia's neighboring countries, which is a closed economy, experienced a sudden decline in output and prices. c. the gross saving rate in the economy declined during that year. d. euphrasia's population increased by 4.5 percent that year. e. oil imports declined as countries exporting oil reduced supply.

Morgana company identifies three activities in its manufacturing process: machine setups, machining, and inspections. estimated annual overhead cost for each activity is $168,000, $315,900, an $97,200, respectively. the cost driver for each activity and the expected annual usage are number of setups 2,100, machine hours 24,300, and number of inspections 1,800. compute the overhead rate for each activity. machine setups $ per setup machining $ per machine hour inspections $ per inspection

Suppose a firm faces a fixed price of output, 푝푝= 1200. the firm hires workers from a union at a daily wage, 푤푤, to produce output according to the production function 푞푞= 2퐸퐸12. there are 225 workers in the union. any union worker who does not work for this firm is guaranteed to find nonunion employment at a wage of $96 per day. a.what is the firm’s labor demand function? b.if the firm is allowed to choose 푤푤, but then the union decides how many workers to provide (up to 225) at that wage, what wage will the firm set? how many workers will the union provide? what is the firm’s output and profit? what is the total income of the 225 union workers? c.now suppose that the union sets the wage, but the firm decides how many workers to hire at that wage (up to 225). what wage will the union set to maximize the total income of all 225 workers? how many workers will the firm hire? what is the firm’s output and profit? what is the total income of the 225 union workers? [hint: to maximize total income of union, take the first order condition with respect to w and set equal to 0.]

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