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Suppose the aggregate demand curve for nurses in an island city is Nd = 300 - 5w, where w is the hourly wage rate for nurses and Nd is the number of nurses demanded in this city. The supply of nurses is NS = 5w - 100, where NS is the number of nurses supplied to the market. In addition, the city government publicly announces that the city needs to hire 125 nurses in order to provide good-quality hospital care to its citizens. Meanwhile, the city government regulates the wage rate for nurses at w = 30. Answer the following questions:
A. Use both economic and need-based approaches to calculate the nursing shortage under the current regulated wage rate. Do these two approaches yield the same estimates on the number of nursing shortage?
B. If the city government decides to recruit nurses from overseas and this policy shifts the supply of nurse to Ns′ = 5w - 50, does this policy solve the problem of a nursing shortage or just mitigate the extent of nursing shortage? Does your answer differ according to different definitions of "shortage"? Explain your answer.
Suppose the government artificially sets the price of units to $20. At this price is the company willing to sell the product. Please explain why or why not.
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The annual per capita consumption of bottled water was 33.3 gallons. Assume that the per capita consumption of bottled water is approximately
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What was the performance of Indra Nooyi's respective companies during the time that she was leading. Explain, example
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Many economists claim that the property tax is the superior tax for municipal governments. Do you agree or disagree? What are the pros and cons of the property tax? If you were advising a city with respect to the property tax and how much the city sh..
Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated p..
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