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Barro's discussion in chapter's 7-9 does not mention a minimum wage as far as I could tell. Augment the models from these chapters to include this real world phenomenon and asses the impact of a change in the minimum wage. The book referred to here is Intermediate Macro by Robert J. Barro.
What is the role of models in economic analysis? How can it be determined if the assumptions underlying the design of an economic model are overly simplified or overly limiting? At what point do the assumptions invalidate the model? Why?
Assume a good where its equilibrium price is 40 and its equilibrium quantity is 3.0 units. Compute the supply surplus when price is 60. Take into consideration that the elasticity of supply is 1 and the elasticity of demand (-1)
Three $1,000 face value bonds that mature in 10 years have the same level of risk, hence their YTMs are equal. Bond A has an 8% annual coupon, Bond B has a 10% annual coupon, and Bond C has a 12% annual coupon. Bond B sells at par.
Determine the application of behavioral economics in explaining individual choices and the effectiveness of public policy. In “Should Policies Nudge People to Make Certain Choices? After reading and evaluating both sides of the discussion, which side..
Suppose you need to remove 70 exotic fish from a lake into which they were unintentionally introduced. You have three possible removal methods, methods 1,2 and 3. How much of each method should you use to achieve the removal cost effectively. Why isn..
Determine its level of profit. (b) Suppose that a fixed costs increase to $75. Verify that this change in fixed costs does not affect the firm's optimal output.
Assume that each firm is free to set its production level, but each firm can communicate (via the business press) what they plan to do first. Using an economic model, show that it might be difficult to sustain a cooperative (high-profit) outcome. Wha..
The following equation relates housing price (price) to the distance from a recently built garbage incinerator (dis). Interpret the coefficient on log(dist). Is the sign of this estimate what you expect it to be?
Children’s Hospital in Boston, Massachusetts, has long been considered an out-standing medical center specializing in the diagnosis and treatment of paediatric problems. This facility is linked academically to the Harvard University Medical School. C..
The cost of desalinating seawater using conventional technology in the Persian Gulf is high (around 0.1£ per cubic meter) and requires extensive amounts of oil. Some time ago scientists suggested that it could well prove both practically feasible and..
The lag between the time the need for physical action is recognized and the time action is taken is referred to as the
Give an example based on your experience of a situation in which using a multiple regression model or nonlinear regression model may have helped you make a better decision
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