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Consider a low wage market. Assume that the market demand curve is P = 20 - Q/500, and the market supply curve is P = 2 + Q/1,000. Workers in this market are not presently covered by the minimum wage, but the government is considering implementing such legislation. If implemented, this law would require employers in the market to pay workers a wage rate of $10 per hour.
Compute the dollar value of the impact of the policy on employers, workers, and society as a whole.
Suppose that the external damage is MD = 300 + 5Q; MC = 100 + 2Q; MB = D – 2Q where D is unknown. (a) If D = 1000, what would be the optimal quantity? What tax would be necessary on order for that to be the optimal quantity?
The reason the aggregate demand curve slopes downward is that when the price level is higher, people cannot afford to buy as many goods and services.
Four Seasons Hair Salon is the only women's hair stylist in Lake View. A business consultant has estimated its monthly cost functions as follows: TC = 2000 + 80 Q + 0.05 Q 2 MC = 80 + 0.1 Q The firm is faced with the following demand: Qd = 800 - 4 P...
What is the impact of World Aggregate Supply (WAS) on the trade deficit and domestic employment? Referring to the Aggregate Supply and Aggregate Demand model (AS/AD) and the material in Chapter 11 what challenges does structural stagnation pose for m..
Illustrate what guesses survive iterated elimination of dominated strategies
The installed cost of a conventional electric hot water heater is $200. A family of four uses an average of 300 liters of hot water a day, which will require $350 worth of electricity each year.
The city of Morse recently completed the construction of a bridge across the Ohio River at a total cost of $133,453.95. The length of the bridge is 276,389 feet. The city of Edison three miles up river wants to build there own bridge which have to be..
Suppose the demand for eggs is: Q=9,000-3,000P and the supply of eggs is: Q=-500+2,000P, where quantity is measured in millions (of eggs). Find the market-clearing price and quantity for eggs.
Explain the key features of each of the the three generations of currency crisis models. Which of the three models best describes each of the financial crises discussed in this chapter? (Book-international finance and open-economy Macro economics by ..
Select an organization your team is familiar with or an organization where a team member currently works. Create a 15- to 20-slide Microsoft® PowerPoint® presentation to present to the organization's Executive Committee.
Connect the points. Describe the resulting curve. Does it make sense to you?
Define the market to survey and give your rationale for each decision made. Decide how many employers to survey and give the rationale for your decisions.
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