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Question: 1) Graphically illustrate the minimum wage. Note the deadweight (welfare loss) loss and the loss or redistribution from job search.
2) Assume that you have two periods: 2011 and 2012 for a pickup truck. Price 2011 is $30,000 and price 2012 is $40,000. In 2011 20,000 sold and in 2012 18,000 sold. Calculate the price elasticity of demand. Show work.
3) Graphically illustrate a price ceiling using rent control as your example. Explain the model.
Do you think a company as an ethical obligation to notify an employee if he is going to use Spoke, or (because it will search only computer files on company owned computers) is it none of the employees business?
Determine when does the idea of opportunity cost indicate? think how the production of one good affects the possible production level of other goods.
Define and explain three barriers to trade. What effect do those barriers to trade have on domestic consumer surplus? What is the Riccardo Effect in relation to specialization and exchange?
(a) In a typical labor exchange, what does the UPF for that exchange represent (b) Why is the UPF downward sloping (c) What does the slope represent. Finally, to what points in the Edgeworth box for the labor exchange does the UPF correspond
Someone prepare the claim that immigration must always be good for the economy because the increased supply of labor will result in a higher GDP.
Graph the production function, with capital on the horizontal axis, and use your graph to explain the difference between a doubling of the labor force and a doubling of total factor productivity.
What is one significant consequence of fractional reserve banking Banks are vulnerable to "panics" or "bank runs." Banks can only lend an amount equal to its deposits. Banks hold a portion of their deposits in gold. Banks can serve the withdrawals..
There is an old saying, "When in Rome, do as the Romans do." Do you believe that a business should conform to the business and cultural practices of the countries in which they operate, or should they adopt and remain true to the values of their home..
Discuss Economic Science and Policy. Using the circular flow model, describe the flow of money and goods in an economy. GDP and direct correlations.
martha stewart living omnimedia and hain celestial group have hired you to develop a marketing plan for the purpose of
If the gross national debt initially is equal to $2.5 trillion and the federal government runs a deficit of $100 billion.
Which of the following actions can the Federal Reserve take to reduce inflationary pressures in the United States?
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