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The market equilibrium wage is currently $12 per hour for hairdressers. Legislation imposed a minimum wage of $11.50 per hour. If there are no changes to either the demand or supply for hairdressers when imposed, the number of hairdressers will be?
Consider a model of Cournot competition as studied in class, with 2 firms and a linear inverse demand function P(Q) = a – Q (where Q = q1 + q2 is the total quantity produced by the two firms and a is a parameter). The firms have different marginal co..
The current price for a good is $20, and 90 units are demanded at that price. The price elasticity of demand for the good is -1. When the price of the good drops by 10 percent to $18, consumer surplus (increases, decreases by $___.
The N.M. Corporation has exactly the same costs of production as last year except for fixed cost, which are $50,000 this year compared to $30,000 last year. Which of the following statements is false?
Write down an expression for the profit GBC will make if it uses L units of labor at $1 an hour and sells the resulting output of cookies at $p a cookie.
Consider the following scenario: A toxic waste dump in Alabama has seepage that leaks into the groundwater. Groundwater is used by local residents for drinking and cleaning, in addition to supplying water for irrigation of local agriculture. What doe..
The CEO of a trucking company tells his insurance agent that he can predict almost exactly what the total damage to his trucks will be next year due to driver error, but he can’t afford to cover those damages out of operating funds; therefore, he wan..
Why are incomes so much more unequal within poor nations that within rich nations generally
Draw a new graph of labor market equilibrium and label values for the initial real wage and employment. Draw a graph of the firm’s marginal product of labor, assume a fixed value for the real wage, and describe how the firm decides how much labor to ..
Prepare a balance sheet for Mullen's Hardware for December 31 of last year. The company assets are cash $15,000, accounts receivable $21,000, and merchandise inventory $95,000. The liabilities are accounts payable $12,000 and wages payable $17,000. T..
A contractor is considering whether to buy or lease a new machine for her layout site work. Buying a new machine will cost $12,000 with a salvage value of #1200 after the machine's useful life of 8 years. On the other hand, leasing required an annual..
q.1let x be a random variable with probability density function fxc1-x2 -1ltxlt10 elsewherea what is the value of c?b
Discuss and demonstrate the economic impact of the following Federal Reserve Board actions (use lecture example balance sheet as template):
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