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A) Demand and supply situations in the perfectly competitive market for unskilled labor are as follows:QD = 120 - 12P (Demand)QS = 8P (Supply)where Q is millions of hours of unskilled labor and P is the wage rate per hour.
1. Graph the industry demand and supply curves.
2. Estimate the industry equilibrium price/output combination both graphically and algebraically.
3. Calculate the level of excess supply (unemployment) if the minimum wage is set at $7 per hour.
B) The tax burden falls mainly on consumers when demand is relatively elastic and it falls mainly on producers when demand is inelastic. True or false? Explain and give examples.
Economists make decisions by thinking in terms of alternatives. Why do economists thinks there is no such thing as a free lunch?
Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..
How would you know demand has increased? (What is the first piece of information which would lead you to conclude that demand has increased?)
Determine price and the level of service if competitive bidding results in a perfectly competitive price/output combination. Determine price and the level of service if the car lot grants a monopoly franchise.
Discuss and explain supply and demand as well as elasticity concepts of Walmart. Incorporate these ideas to validate how the corporation establishes its pricing strategy.
Show how to generate a supply and demand function from a information table that includes the supply and demand information for two different price levels.
Examine the basis for the trends in consumption patterns, as discussed in any article and explain what has occurred to change the demand for, or the supply of, the products, and market prices of those products.
Suppose you are analyzing market for minivans. What will be the impact on the equilibrium price and quantity of each of the following events on the minivan market?
The existence of only three big U.S. auto manufacturers is evidence that the market structure is anti-competitive and that antitrust laws are being broken. Measure this assertion.
what is the least-cost input-combination of labor and capital and how much output is produced with that set of resources?
Say half of the cost of producing wheat is rental cost of land (a fixed cost) and half is cost of labor and machines (a variable cost). If the average total cost of producing wheat is $8 and price of wheat is $6, what would advise the farmer to do..
Give an example of a monopoly, an oligopoly, and a cartel. Describe the welfare effects of monopolies and oligopolies.
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