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Equilibrium discrimination and crowding. Suppose there are two occupations, chefs and truck drivers.
a) Draw hypothetical supply and demand graphs for men and women to both occupations assuming that some of each gender prefers each job. Now, assume that discriminatory actions take place in the restaurant business preventing men from becoming chefs. Show the effects of discrimination on your graph.
b) Who benefits and who loses from this discrimination? Show the effect of discrimination on wages and employment in both occupations and on total output in each. (Hint: have one graph for chefs, and a separate for truck drivers)
c) Angry about the discrimination, aspiring male chefs’ successfully lobby Washington to crack down on discrimination practices in the restaurant business. If discrimination is eliminated through this process, show the changes that will take place in the labor markets for chefs and truck drivers. Who benefits and who loses from the ban on discrimination?
The demand curve for a product is given by Qdx= 1,200- 3Px- 0.1Pz where Pz =$300. What is the own price elasticity of femand when Px =$140? Is demand elastic or inelastic at this price? what would happen to the firms revenue if it decided to charge a..
One solution to the problem of gender imbalances in top careers is affirmative action give women extra consideration for top jobs, or equivalently penalize men. Explain the efficiency argument for doing this.
In country X land is relatively abundant and labor is relatively scarce. In the short run after trade opens which of the following groups will not gain?
Compare the marginal benefits and the marginal costs associated with your purchasing decision. Explain how the strength of the economy as a whole affected the marginal benefits and the marginal costs associated with that decision.
Describe two (2) reasons why The Coca-Cola Company would choose to protect its soft drink formula as a trade secret, as opposed to using another form of intellectual property protection (for example, a patent).
Two important policy goals of the government and the Fed are to keep unemployment and inflation low, while at the same time making sure that GDP is increasing at an average of 3% per year. Assume that the country is in a budget deficit and carrying a..
Explain the most important characteristic in perfect competition, monopolistic competition, oligopoly, and monopolies and relate the characteristic to how these firms can make profits in the short run
Suppose there is a permanent increase in the price of oil (i.e. energy prices). If prior to the price increase the economy was in steady state, how should it a§ect output, the capital stock, savings and consumption in the long run?
If se economists ignore possibility of crowding out, illustrate what would they approximate marginal propensity to consume (MPC) to be
Marching shop was ordering weekly demand for bolts and nuts 240 units. Ordering cost $50 per unit per year, Bolt and Nuts unit cost $15 and annual carrying charge is 20% No. of Assume 52 weeks per year and lead time is 1 week find reorder number of u..
The Open Economy Consider the following open-economy IS-LM model. Suppose that foreign income is Y* = 1 and that both foreign and domestic prices are fixed at 1 (P = P* = 1). This implies that the real exchange rate is equal to the nominal exchange r..
What is a key benefit of maintaining a stable value of money?
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