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Consider a low wage labor market. 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 $5 hourly wage. Suppose all workers in the market are equally productive the current market clearing wage rate is $4 per hour, and that is this market clearing wage there are 600 employed workers. Further suppose that under the minimum wage legislation only 500 workers would be employed and 300 workers would be unemployed. Finally assume that the market demand and supply curves are linear and that the market reservation wage, the lowest wage at which any worker in the market would be willing to work, is $1. Compute the dollar value of the impact of the policy on employers, workers, and society as a whole.
An entrepreneur needs funds for a project. He has funds of his own, but enough to cover the required investment of $100. If the entrepreneur doesn’t misbehave, the project will succeed with probability .9, yielding a gross return of 120 in one year. ..
A homeowner owns a parcel of land bordering the state university's campus. The current fair market value of the homeowner's land is $400,000. Suppose that compensation equals the fair market value of the premises when the state uses its power of emin..
Suppose Guatemala has extremely high tariffs and so is in autarky. Draw a partial equilibrium supply-demand diagram for computers in Guatemala. Label consumer surplus and producer surplus.
A perfectly competitive firm sells 50,000 units of knives at a price of $3. The firm's average cost at 50,000 units is $2.75. Calculate the firm's profit. Please verify answer twice before sending back to me the steps. I want to make sure I have the ..
If the economy is facing rising levels of inflation, what would the Fed do with its three monetary control tools? Why does the Fed buy government securities during a recession?
Five annual deposits in the amounts of $7,500, $6,000, $4,500, $3,000, and $1,500, in that order, are made into a fund that pays interest at a rate of 8% compounded annually. Determine the amount in the fund immediately after the fifth deposit.
The Venezuelan bolivar has been steadily depreciating against the US dollar, but the government wishes to stop the depreciation. What must the Banco Central de Venezuela do to stabilize the exchange rate? Is there a limit to how much it can intervene..
Briefly explain what inflation targeting is and list the five (5) main elements related to it. Then discuss the four (4) advantages and three (3) disadvantages of this type of monetary policy strategy. Your response should be a minimum of one (1) sin..
Choose one leading health indicator and write a 1–2 page paper in which you outline an implementation program you might develop as a health care administrator, on a local level, to address the indicator at all levels of the socioecologic model. In yo..
Which of the following are the ideal conditions for a laissez-faire economy?
The manager of the aerospace division of General Aeronautics has estimated the price it can charge for providing satellite launching services to commercial firms.
Suppose stocks A, B and C have the same expected return and standard deviation. The correlations of returns are given as follows Corr(A, B) = 0.7, Corr(B, C) = −0.3 and Corr(A, C) = 0.2. Find the weights on each of these stocks (they need to add up t..
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