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Question
1. If demand elasticity is -0.25 and the minimum wage rises 60%, what happens to employment (in % terms)? Show your work. Put this result in an S&D diagram (from the initial wage, w1, you can show a "60% rise" to w2 ... and do something similar with q1 and q2). What is the trade-off you are illustrating? Comment on why you think this trade-off is "worth it" or not.
2. Show and discuss how the results for a minimum wage change if the price elasticity of demand is more inelastic than the example above. That is, compare the outcome when elasticity is (-0.25) with a more inelastic reality in an S&D diagram (easiest if you show two demand curves - and one supply curve - in the same diagram). In which case is the minimum wage more effective, and why?
A box is filled with 4 green cards, 2 red cards, and 14 brown cards. A card is chosen at random from the box. What is the probability that it is a green or a brown card? Write your answer as a fraction in simplest form.
What would happen to the per worker production function for the United States economy if the US decided to double in support of universities research?
this problem examines the effect of consumption taxes on labor supply. consider a consumer with utility functionuc l c
What two things can you suggest to reduce your client's risk? What additional information about reducing risk should you provide?
If the firm's WACC is 10%, what is the project's NPV? Do not round intermediate calculations. Round your answer to the nearest cent.
calculate the equilibrium number of visits, and total expenditures. b) Suppose that the consumer purchases an insurance policy that allows her to pay a 25% coinsurance rate. Calculate the new equilibrium number of visits and the total expenditures..
1. Suppose that you learn that a friend recently received a substantial inheritance. Your friend was given two choices: 1) wait 10 years and receive the inheritance or 2) receive the present value of the inheritance (using a 3% discount rate) now...
the company iie inc. is considering upgrading their distribution center dc and have received investment proposal from
Are better than budget deficits over the long run because unlike budget deficits, they increase saving and investment.
Prepare a memo to the managing director that explains the different vehicles available that can be used for each of the following:
Suppose as well, that all voters favoring liberal candidates will vote, while only 50% of those favoring conservative candidates will vote. Create a graph to show how the political equilibrium will differ from an election in which all citizens vot..
Draw an arbitrary budget constraint for a person assuming that he or she receives no workers' compensation - Analyze the difference in the labor supply incentive effects of these two programs.
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