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The labor supply and demand curves for workers in the fast food industry are given by: Qls = 980 + 2W and Qld = 1000 - 2W, where W is the wage paid to workers per hour; Qls is the quantity of labor supplied by workers, and Qld is the quantity of labor (in hours) demanded by firms.
a. Graph the supply and demand curves and find equilibrium wages and labor.
b. What will be the burden (on workers and firms) of a unit payroll tax of $0.50 per hour imposed on firms? What is the deadweight loss? Indicate them on the graph.
c. What would happen to the burden of the tax if the workers valued the tax $0.30 per worker hour? What is the deadweight loss? Indicate them on the graph.
Explain the math and graph of the Life Cycle Theory of Consumption. Using this equation and graph of the Life Cycle Theory of Consumption, explain how a consumer would react to winning the lottery vs. gaining a significant pay raise at work. Explain ..
GIVEN: The maximum amount of steel or aluminum that Canada and France can produce if they fully use all the factors of production at their disposal with the best technology available to them is shown here: Canada had 500 in steel(tons), France has..
Differentiated goods are NOT a feature of a:
Identify several ways in which you currently use accounting information in your life as a student. Also identify several situations in which, while you are still a student, you might be required to supply financial information about yourself to other..
Please use VB coding language to decribe the process
If the government purchases also taxes are both increased by $100 billion simultaneously illustrate what will the effect be on equilibrium output.
Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2014, Susan adjusted gross income is $38,000 and Stan is $12,000 and both are self-employed. They also have $500 in interest income from tax-exempt bonds. The Co..
Suppose you are in charge of setting the price for commercial advertisements shown during Enemies, a top network television show. There is a 60-minute slot for the show. However, the running time for the show itself is only 30 minutes. Suppose that t..
One problem in using this function to study consumer surplus is that Q never reaches zero, no matter how high P is. Hence, suppose that the function holds only for P ? 10 and that Q = 0 for P > 10. How should you graph in part b be adjusted to fit th..
a) What is the expected number of heads in a 9 coin toss?
The economist Bryan caplan recently found a pair of $10 arch supports that saved him from major foot surgery. He stated he would have been willing to pay $100,000 to fix his foot problemm, but instead he paid only a few dollars. How much consumer sur..
Consider the simple model of goods/services market (with government and foreign trade AE=C+I+G+Xn) and the money market (Dm-Sm). Suppose the following policy mix is carried out: What would be the effect of lower required reserve ratio on the money ma..
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