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ECON-104 Principles of Micro Economics - Centennial College
Based on the video - The minimum wage: does it hurt workers? by The Economist and what was taught in the lecture, discuss the arguments for and against a minimum wage. In particular, consider the following aspects:
Question 1. What does the (neo-)classical theory of demand and supply tell us about a (binding) price floor on wages?
Question 2. How does the elasticity of labour demand affects the unemployment rate under a minimum wage?
Question 3. What are the empirical findings by David Card and Alan Krueger? How is this different from the standard prediction of neoclassical theory?
Question 4. How does the theory of Monopsy explain those findings?
Question 5. How did the two studies on the Seattle minimum wage rise in 2015 give seamingly contradictory results?
Question 6. Assume you are working as a waiter/waitress in a restaurant. How would you feel about the minimum wage?
Management charges higher nightly rates in the winter, when its average occupancy rate is 75 percent, than in the summer, when its occupancy rate is 85 percent. Can this policy be consistent with profit-maximization? Explain.
According to the Environmental Protection Agency, "rigid containers have definite retained shape and form and that are self-supporting" (EPA, n.d.) Some of the differences between rigid and non-rigid containers, according to this week's reading, "Rid..
As you complete this course, look back on the experience. What are the five most important concepts that you have learned from the course?
What will the firm choose to do in the short-run and why? A perfectly competitive firm will operate and incur an economic loss in the short run if. What is Evan's marginal revenue from the 2nd sandwich sold?
Find the CPI in the base year and the current year using a 100 point scale. Show any general formulas you use and all your work at arriving at your answer
Explain why equilibrium of supply and demand is desirable. Discuss how externalities may prevent market equilibrium and the various governments policies.
A water treatment plant is considering implementing a new treatment technology to treat water at lower costs. They are deciding between two options.
Set up a Ricardo-type comparative advantage numerical example with two countries and two goods. Distinguish "absolute advantage" from "comparative advantage".
Governor White wants to increase sales taxes to bring in required revenue to support state operations. He is looking at taxing various goods and services. Will the state tax revenue be greater if the state imposes a sales tax on goods where the price..
Suppose that you have to charge a uniform price. That is you post a price and one canbuy as many units as one wishes at that price. What would be your price?
If the price of labor decreases, in order to minimize the costs of producing a given level of output, the firm manager should use:
Explain how scarcity and choice are related. Economic theory says that a rise in the price of a good will cause people to buy less of it. If the price of meat increases and John Doe buys more meat, has the theory been refuted
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