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There are two distinct sectors: taxidermists (X) and tap dancers (T). It is surprising that there is complete labor mobility between the two sectors. There are 200 equally talented workers who supply their labor inelastically. The demand for taxidermists is EX = 190 - 10 WX, and the demand for tap dancers is ET = 160 -5 W T.
a) What is the competitive equilibrium outcome (equilibrium wage and employment level in each sector) in this labor market?
b) What would happen if the government imposed a minimum wage of $12 that covered only the tap dancer sector?
If interest rates could be deducted from income, would an investor change his/her decision based on question 1.
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Suppose the point of tangency that characterizes long-run equilibrium for a monopolistically competitive firm occurs at Q1 units of output.
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The stock is now selling at $62.50 per share. If the current price holds until the first of the month, and Sam exercises his option, how much will he make this year?
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