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According to the News on page 677, what percentage of retail jobs would be lost if the minimum wage were increased to $9.50? Obama Wants $9.50 Minimum Wage (Crains)- When Barack Obama and his fellow Democrats take power in Washington, DC. restaurant operators are expecting them to push a minimum wage hike. Obama wants to boost the federal minimum wage to $9.50 an hour by 2011, up from $7.25 an hour in 2009. Minimum Wage The National Restaurant Association opposes raising the minimum wage, which has gone to $6.65 this year from $5.15 in 2006, and is scheduled to rise to $7.25 in July. The association In June conducted a survey of 1,300 members in 18 states that found that 58 percent raised menu prices and 41 percent reduced employee hours because of the higher minimum wages. Joe Sabia, an assistant professor of public policy at American University in Washington, DC. says that a 10 percent increase in minimum wage reduces retail employment by 1 percent. Obama's proposal would raise the federal minimum wage by over 30 percent, causing even greater job loss at a time when our economy can least afford it. Mr. Sabia contends.
A firm has Total Costs (TC) of $12,000 over the next three months (TOTAL for the 3 months - not per month), of which $8,000 are fixed costs (TFC) for rent on its lease that cannot be broken. If it stays in business over those months, then the firm..
at a price of $1 each, 200 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $1 to $2 is unit-elastic (Es = 1). In the long run, a price increase from $1 to $2..
One question that arose during the meeting was about how the firm's profitability in their toothpaste division would be impacted by the expansion. The Board asked you to assess the profit potential using marginal analysis.
The widget Industry in Anytown is a monopoly, controlled by Widget Corp. Its demand curve for the local market is given by P = 800 - 20 W Where W represents the number of widgets sold per period. The total cost function (including opportunity or impl..
Consider the "Odd Couple" game. Felix and Oscar share an apartment, the state of cleanliness of which is a public good. It takes 12 hours of work per week to make the apartment spotlessly clean, 9 hours to be livable, and anything less leaves the ..
A monopolist has two types of customers.There are 100 of type A, who will each pay up to $10 for a single unit of the good, and 50 of type B, who will each pay up to $8 Neither is willing to purchase additional units at any price. If it must charg..
Paul can make either "100 bottles of wine and 0 boxes of chocolates" or "0 bottles of wine and 1600 boxes of chocolates" or a combination of wine and chocolates. For parts of this question assume that Paul's PPF reflects the property of constant o..
women and selected minorities are systematically excluded from high-paying occupations and crowded into low-paying occupations, decreasing their wages and reducing domestic output. B. employers having high discrimination coefficients will be crowde..
Suppose instead that the goverment wished to raise GDP to 7,100, but it was unwilling to run a surplus or deficit. Therefore the change in government purchases would have to be matched by and equal change in taxes. What change in government purcha..
What is the probability that the interval [Z-1, Z+1] contains the value 0? e.) What is the probability that the interval [Z-1, Z+1] contains the value 2? f.) What is the probability that the interval [Z-1, Z+3] contains the value 2? g.) What is the p..
A competitive firm has a production function described as follows. "Weekly output is the square root of the minimum of the number of units of capital and the number of units of labor employed per week." Suppose that in the short run this firm must..
Each subsequent year, this cost is expected to increase by $100. How much would you need to set aside when you bought a new car to pay all future maintenance cost if you planned to keep the vehicle for 7 years? Assume interest is 5% pear.
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