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Problem
Leo runs a bicycle repair shop. He recently examined information on wage and employment levels and noted that he employs the same number of workers today that he employed in 2009. However, wages (controlling for inflation) increased quite substantially between 2009 and 2013. Assume the supply of labor remained constant over this time period. Give two possible explanations for why Leo's workers are paid more in 2013.
Helen pays rent of $400 per month for the academic year (September through May). She is going to Australia for the summer and won't be working.
What can be said about deadweight loss in each case? From this information, what would economists strongly suspect about this industry?
Some people claim that the “economic way of thinking” does not apply to issues such as health care. Describe how economics does apply to this issue by developing a “model” of an individual’s choice?
Do corporations have responsibility in the financial meltdown and its aftermath of recession – the most serious since the Great Depression of 1930s? Free-market capitalism dictates that markets create efficient solutions and businesses that fail shou..
write an essay of 750-1000 words comparing and contrasting the views of augustine and aquinas regarding ethics. in
Yonnie would be willing to pay up to $27, and Edette would pay no more than $23, what is the consumer surplus for this group of economics enthusiasts?
What are harmful manifestations of plastic shrinkage of concrete in (a) reinforced columns and (b) slabs? Assuming that the air temperature is 21°C.
Suppose that the demand for kites is given by the formula Q = 8000 - 50P, where Q is the quantity demanded and P is the price. How many kites will be sold? How many firms will there be in the kite industry
Write a five page paper, title page, and reference page (seven pages total), that analyzes each of the six elements of Presidential Policy Directive/PPD-8.
suppose that the reserve requirement is 10 and the balance sheet of the peoples national bank looks like the
The amount of market power a firm has depends on
Analyze the relationship between economic activity and the resources available in a society. Use technology and information resources to research economic problems and issues.
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