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Question: You work for a governmental committee that focuses on unemployment. There is a policy to potentially raise the minimum wage from $7.25 to $12.00. Your job is to explain and illustrate the potential economic welfare effects of this. Illustrate a competitive market for labor with quantity of labor on the x-axis and the wage rate on the y-axis. The supply of labor are workers and the demand for labor comes from firms. In your explanation, explain the predicted effects on employment, consumer surplus, producer surplus, and total surplus. Support your answer with a graph.
A bank has excess reserves of $400,000 and makes a new loan for $50,000. If the bank faces a 25% required reserve ratio, by how much will the money supply increase when the loan is made?
Set the problem out as a game in strategic form where each agent (taxpayer, tax-authority) has two pure strategies. Explain why there is no simultaneous-move equilibrium in pure strategies.
Can you make predictions on behavior? In the short-run? In the long-run? Is there a public policy available to address the issue in a positive way.
Question 1: Describe the main categories of financial ratios and discuss how financial ratios can facilitate the financial analysis.
Given the following production capabilities for cheese and bread, which nation will export cheese to the other? What might be a mutually beneficial exchange rate for cheese and bread?
Stacy Ennis eats lunch at a local restaurant two or three times a week. In selecting a restaurant on a typical workday, Stacy uses three criteria.
The revenues and costs of The Greener Way, a lawn care business wholly owned by Mr. Albert Johnston are listed below. Lawn Mowing $83,000 Aeration $3,000
Scholars and others have raised the issue of the opportunity costs (to society) of pervasive Internet use. What do you think some of those costs are?
For each of the following supply curves, calculate the level of output Q at which the elasticity of supply = 1, and indicate whether supply is elastic or inelastic at levels of Q less than this point and at level of Q greater than this point.
Assume that all banks in the banking system have a 10% reserve requirement. Further, assume that all banks in the banking system are fully loaned up both before and after Joe makes his deposit.
How did it change as a result of European expansion and How is this change representative of what Sayre calls a "decentering" of culture?
You have a utility function characterized by u(c)=c^(1/2). If you have just $5 before you play the game (so you have just enough to play), what will your expected utility be if you decide to play the game?
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