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A worker earns $15 per hour at a plant and is told that only 2.5% of all workers make a higher wage. If the wage is assumed to be normally distributed and the standard deviation of wage rates is $5 per hour, the average wage for the plant is $7.50 per hour.
Producing less than equilibrium leaves unrealized producer and consumer surplus, and producing more than equilibrium reduces the consumer surplus. Producing more or less than equilibrium results in negative profits, which is inefficient.
Suppose the demand for honey is given by Q=500-4p. Also, suppose there are 80 honey producers in the market. What is the equilibrium price of honey?
Explain the difference between “supply” and “quantity supplied.” Draw a graph that shows an increase in supply. Draw a second graph that shows an increase in quantity supplied.
An increase in minimum wage must lead to higher unemployment for some of the workers and lower OJT for all workers." Evaluate.
The news that oats can help reduce cholesterol has caused people to prefer to eat more oats. This change in preference would be expected to cause the demand curve for oats to shift to the right, and equilibrium price and quantity of oats to increase...
Suppose that the manager of a firm operating in perfectly competitive market has estimated the firm’s average variable cost function to be AVC=4000-5Q+0.002Q 2 Total fixed cost is $62500. The firm across the street is charging $1000 per unit that the..
can you explain (in your own words) the difference between Proportional Taxation and Progressive taxation. If you have a job where you pay taxes, which type of tax do you think your employer uses on you (for the deduction)?
Owner of a haulage business is planning to invest in a new eighteen wheeler that costs $180,000, use it for 5 years and then sell it off for $90,000 dollars. At 7% interest rate, how much net revenue the investment has to at least produce each year t..
An important law in economics is the "law of marginal returns or the law of increasing costs". Discuss in terms of studying this topic, how one might
The US Federal Trade Commission justifies their record of approval of most mergers by asserting that even though competition is diminished by consolidating two firms into one, mergers actually benefit
Consider a facility that has a 30-year life, a replacement cost of $2 million, and an interest rate of 5%. Calculate the annualization factor. Show your work/ calculations using the formula. To implement the project, a new equipment is purchased at $..
On August 30, 2012, shares of stock in Eli Lilly were selling for $45.00 per share. On August 30, 2016, the shares were priced at $78.35. If you bought shares four years ago for $45.00 per share and sold them now for $78.35 per share, what was the an..
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