(a) In which step(s) of the hydride reduction of an ester does the compound undergo reduction? (Hint: Count the bonds to oxygen.)
(b) Propose a mechanism for the reduction of octanoyl chloride by lithium aluminum hydride.
Wednesday, March 2, 2016 ECO 211 Wages, Labor, Monopoly - Minimum wage •If wage is above E (Equilibrium), then the quantity demanded for labor is less than the quantity supplied for labor (A < B). •There will be an excess of labor causing unemployment. - Maximum Wage If wage is below E (Equilibrium), then • the quantity demanded for labor is higher than the quantity supply for labor (A > B) •There will be a deﬁcit of labor causing the wage to go back up to the equilibrium point. Maximum wage is ineffective because • the price will always go back to E. 1 Wednesday, March 2, 2016 -Firm: Equilibrium from the industry (Marginal Cost= Marginal Beneﬁt) - Demand = Value of Marginal Product of labor (D=VMP ) L - Price x Marginal Product of Labor =VMP L - Price cannot be controlled by ﬁrm or industry (controlled by the market), but industries can manipulate Marginal Product of Labor - Raising standards of living • Raise the wage to improve standards of living • To raise wage, shift the demand curve up • To raise wage there must be an increase in human capital (HK), physical capital (K), or technology (T) 2 Wednesday, March 2, 2016 • Wage increases =VMP increLses = HK, K, T increases = Price x Marginal Product of Labor increases • To accumulate capital for growth: • Domestic savings • Foreign investments • Foreign aid - Monopoly - to encourage innovation - High Fixed Cost Natural Monopoly - type of industry regulated by setting output - Walmart Type Natural Monopoly - doesn’t have high ﬁxed cost (everything is cheaper) - output is not regulated, but the number of stores allowed to open is regulated (example: There can only be 3 Walmarts in Miami) -Average Cost= Average Variable Cost+ Average Fixed Cost -AC curve is downward sloping -This graph is for a ﬁrm that is a natural monopoly. 3