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A monopsonic Fast Food Chain exhibits a demand for labor given by w=210-3L, where w denotes the wage and L the quantity of labor hired. Workers' labor supply is given by w=2L+7.
If the government imposed a minimum wage of w=70, what would be the resulting quantity of labor employed, the wage, and the welfare loss. Also, calculate the change in welfare compared to the free market outcome (i.e., in the absence of minimum wages). Is this a welfare gain or a loss?
What is the probability that Z is smaller than 1.02? b.) What is the probability that Z is greater than 0.65? c.) What is the probability that Z is between -2 and -0.5? d.) What is the probability that the interval [Z-1, Z+1] contains the value 0?
What is the profit maximizing (loss minimizing) level of output for Chan in the SR? ii) Calculate the total economic profit (or loss) that Chan. would receive at this particular level of output. You must show all of your work to r..
The agency of Labor Statistics follows 5-steps to calculate Consumer Price Index. Determine three strengths and three weaknesses of the Consumer Price Index calculation.
Solve the following linear programming model graphically. In addition, write the problem in standard form and do a constraint analysis for the optimal solution. Minimize 10x + 15y Subject to 5x + 2y ? 40 x + 2y 0
elizabeth M. suburbs makes $200 a week at her summer job and spends her entire weekly income on running shoes and designer jeans, because these are the only two items that provide utility to her.
When testing whether each of independent variables in a multiple regression equation is statistically significant in describing variations in the dependent variable,
The Manchester Athlete's Club (MAC) is a private, not-for-profit athletic club located in St. Petersburg, Florida. MAC currently has 3,500 members but is planning on a membership drive to increase this number significantly. An important issue faci..
Explain each of primary methods used for setting value, describing its applications, strengths and weaknesses, show the formula and compute an example for each method.
the origin and do not intersect the axes. The price of sushi is $10 and the price of soy milk is $2. She is spending all her income at the basket she is currently consuming, and her marginal rate of substitution of sushi for soy milk is 4. Is she ..
How much cloth and food will the economy produce after this increase in its capital supply? Describe how the allocation of machine-hours and work-hours between the cloth and food sectors changes. Do those changes conform with the changes described ..
What is Harry's price elasticity of demand for good x, denoted "x;px ? From Harry's perspective, is x ordinary, Gien, or neither? What is Harry's income elasticity of demand for good x, denoted "x;I? From Harry's perspective, is x normal, inferior, ..
The local operations manager for IRS must decide whether to employee 1, 2, or 3 temporary employees. He determine that net revenues will vary with how well taxpayers comply with new tax code.
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