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Question 1.
What is the impact of sales taxes on supply, demand, price and quantity? What is gained and what is lost economically with taxes?
Question 2.
The Connecticut minimum wage rose to $13 per hour last summer. It will rise in steps to $15 an hour by June 1, 2023. Thinking like an economist, what do you have to say about the rising minimum wage? (Do not provide details of the law; I'm aware of those.) What are the macroeconomic issues and potential economic consequences for the labor market? Use the language we've learned in the course.
Question 3.
Explain the laws of Supply and Demand, and their interaction. Include in your answer the concepts of equilibrium, shortage, surplus and elasticity.
Why does the payroll tax have the same impact on wages and employment regardless of whether it is imposed on workers or on firms?
The following figure shows some hypothetical OCA criteria with the Eurozone for selected countries. Assume that these are based solely on economic criteria.
Create a supply and demand graph in Excel that demonstrates the relationship between the amount buyers are willing to purchase and the quantity available.
Consider the diagram in the next column, which applies to a perfectly competitive firm, which at present faces a market clearing price of $20 per unit.
Given that E = C +I , derive a function for Y in terms of t for each of the following macroeconomic models and then use it to predict Y when t is 10.
Suppose that two nations start out in 2013 with identical levels of output per work hour - say, $100 per hour. In the first nation, labor productivity grows by 1 percent per year.
Sometimes we use math to determine precise cost curves. Other times, we must rely on our economic intuition to determine how various situations will impact our firm's cost curves. For each of the four scenarios below, determine how each event woul..
Is energy efficiency the same as economic efficiency? Explain. Under what circumstances would the energy-efficiency automobile described her be economic efficient?
During a coffee-room debate among several young MBAs who recently graduated, one of the young executives flatly stated, “The most this company can lose on its Brazilian division is the amount it invested (its fixed costs).” Not everyone agreed with t..
Now that we have covered the concepts of changes in quantity demanded and supplied, elasticity is a concept that measures
Prior to opening his hardware shop Bob worked as an investment banker earning $175,000 each year. He pays his employees $150,000 per year.
Find the unemployment rate for the demographic group that best fits a description of you (for example, based on age, sex, and race)
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