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Competitive Market Surplus. Suppose demand and supply conditions in the competitive market for unskilled labor are as follows: P = $15 ? 0.3QD (Demand) P = $3 + $0.1QS (Supply) where Q is millions of hours of unskilled labor and P is the wage rate per hour. A. Illustrate the industry equilibrium wage/employment combination both graphically and algebraically. B. Calculate the level of excess supply (unemployment) if the Federal minimum wage is raised from $5.15 to $7 per hour.
Recall the looser pay winner auction experiment done in class. Discuss how these experiments explain why the bidders changed their minds toward wanting to bid well above the value of the prize, even though they refused to do so at the beginning.
An eccentric scientist invents a very useful gadget and makes huge profits. Unfortunately, he is so preoccupied with his newly found fame and fortune that he forgot to secure a patent for his special product. What can be expected to happen to the sup..
What has been the effect of longtime rent control in New York City? Why were controls initially imposed and why do they persist to this day?
Under what circumstances, if any, would you advocate restricting the freedom of the press, and to what degree would you restrict it? Substantiate your answer with logical arguments and/or evidence.
Assume the nation of Australia is "small" and thus unable to influence world price. Its demand and supply schedules for TV sets are shown in Table 4.13.Using graph paper, plot the demand and supply schedules on the same graph. What are the equilibriu..
Deep web assessment exercise IS 301( business writing class) Using business source premier, conduct a keyword search for an article about outsourcing. Browse the result page and list some of the Subject term(s) which could be used to focus your searc..
The rate of annual deflation as applied to each box of kitchen gadgets over the remaining four-year period below which your venture will become unprofitable. Explain how you determined the rate
Define the equilibrium for this environment. Solve for the equilibrium you defined in part. Perform a cost benefit analysis for the project defined in part.
It is said that the current generation of workers will have a very small probability of being employed by the same firm throughout their work life. In previous generations it was common for people to have just one employer. Is a more rapid turnover a..
Which of the following statements are true about a competitive price-searcher market? Check all that apply.
A firm's current profits are $600,000. These profits are expected to grow indefinitely at a constant annual rate of 4 percent. If the firm's opportunity cost of funds is 7 percent, determine the value of the firm:
You are the manager of a firm that receives revenues of $60,000 per year from product X and $70,000 per year from product Y. The own price elasticity of demand for product X is -2.5, and the cross-price elasticity of demand between product Y and X is..
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