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Suppose government increases the minimum wage from $11.40per hour to $15per hour. Also assume the equilibrium market wage rate for low-skilled workers is $11.40per hour to answer the following questions. Make up numbers for quantities of labour i.e. number of low-skilled workers.
a. In the market for low-skilled workers, illustrate the effect of the higher minimum wage on the quantity of labour employed. Does the change in employment depend on the elasticity of demand for labour, elasticity of supply of labour or both elasticities? Explain your answer.
b.Now show the effect of the higher minimum wage on unemployment. Does the change in unemployment depend on the elasticity of demand, elasticity of supply or both elasticities? Explain your answer.
c. Is it possible that total earnings accruing to all low-skill workers can fall after the higher minimum wage? Explain and illustrate your answer using a new diagram.
Calculate the mean and the standard deviation of the sampling distribution of possible sample proportions for each combination of sample size (n).
a. What annual probability of default would be consistent with the yield to maturity of these bonds in? mid-2009?
Political polls typically sample randomly from the U.S population to investigate the percentage of voters who favor some candidate or issue. The number of people polled is usually on the order of 1000.
data to test the difference between two weighing methods for wheat deliveries gave a mean difference of 10 kg with a
Show that the family of exponential distributions E(a, ?) with two unknown parameters a and ? is not an exponential family.
Construct upper and lower control limits for the x chart, using the given product parameters. (b) Plot the data on the control chart. (c) Is this process in control? Explain your reasoning.
If he gets three, four, or all five correct, he's paid $10, $20, and $50, respectively. Estimate the amount such a bettor might expect to lose over many weeks of gambling.
Assume that you only receive 210 dollars if any number greater than or equal to ten tosses are required to obtain the first head. Show that your expected value for this modified game is finite and find its value.
This is a modification of Exercise. The risk of getting lung cancer at some point in one's life for men who have never smoked is about 13 in 1000.
Nidhi purchased two sarees for rs.2150 each. She sold one saree at a loss of 8% and the other at a gain. If she had a gain of rs.1230 on the whole transaction, find the selling price of second saree.
suppose sample size n100 sample proportion .25 the null hypothesis is that the true proportion 0.20 and the
Give three examples of how to visually display these types of data:
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