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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 to pay workers a $5 hourly wage. Suppose all workers in the market are equally productive, the current market-clearing wage is $4 per hour, and that at 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 per hour.
Compute the dollar value of the impact of the policy on employers, workers, and society as a whole. Calculate CS, PS before and after policy change first, then look at the difference.
What is the reason that bundling allows the firm to increase revenues compared to charging one price for each product?
From the perspective of an executive with the firm, prepare a strategic plan to grow the business over the next three years. Your strategic plan must be future-oriented and must: Describe Porsche’s history and its 4Ps (Product, Price, Place, and Prom..
With the signing of NAFTA in 1994, the U.S.A., Canada, and Mexico entered into a trade agreement that had the potential to be much beneficial to all parties. Who was opposed to this free trade agreement? What were there reasons for being against it? ..
What does the demand for enrolment in your university look like?
q. db - does microsoft have a monopoly over operating systems?former dean of the sloan school of management at
What value of T makes these two cash flow diagrams (See Figure P4-74) economically equivalent at 8% annual interest?
Show your math to receive credit: Suppose that you have just bought a four-year $10,000 coupon bond with a coupon rate of 7% when the market interest rate is 7%. Immediately after you buy the bond, the market interest rate falls to 5%. What happens t..
Suppose the NDP come into power and decided to mandate that films pay a 50% over-time premium on hours worked beyond 8 hours a day. Draw the original budget constrain before an overtime premium was required and compare it to the new budget constraint..
When firms decide to offer health insurance to their workers [for simplicity we assume they pay the full cost of the policy and do not ask for an employee contribution], they need to reconsider the wages they are willing to pay their workers. Assume ..
q1. a consumer must pay 10 per visit to an amusement park for the first five visits but only 5 per visit beyond five
In 2014, Coca-Cola announced that top executives would have bonuses linked to the company’s revenue from soft-drink sales. Explain whether the company’s annual profit will necessarily increase if the executives achieve the results necessary for bonus..
What skills and knowledge do creative entrepreneurs require in the contemporary creative economy? How to develop and build entrepreneurial skills?
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