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Assume you are the owner of a small cafe that employs 15 people, 10 of whom are front-line, unskilled workers, and currently paid the minimum wage. The state government is considering increasing the minimum wage. As a business owner, would you support this initiative or hope to defeat it?
You are the manager of a firm that receives revenues of $40,000 per year from product X and $70,000 per year from product Y. The own price elasticity of demand for product X is -1.5, and the cross-price elasticity of demand between product Y and X..
A profit maximizing monopolist is earning a positive economic profit. The wage it pays its workers rises. How will the firms choice of Price and Quanity change in response to the wage increase. Use a diagram in your answer.
Calculate the control costs under the tax policy and compare their total to that achieved under the command and control policy in (d). Which policy is more cost effective? Why do you expect this finding to be true in general?
Would you expect the price elasticity of demand to be higher for financial-aid students or for non-aid students? Why and how does a student's income elasticity affect the demand for higher education at College?
Craft Unions Both industrial and craft unions attempt to raise their members' wages, but each goes about it differently. Explain the difference in approaches and describe the impact these differences have on excess quantity of labor supplied.
Assume the following was overheard at the water cooler: "I think our medical device company should take advantage of economies of scale by increasing our output, thereby spreading out our overhead costs."
Does it appear as though this firm is pricing its automobiles optimally? Why or why not? What advice would you give this firm with regards to its pricing policy and what would be the effect on the U.S. dollar-euro
Karen runs a print shop that makes posters for large companies. It is a very competitive business. What is her AFC per poster (not per thousand!) if she prints 1000 posters? 2000? 10,000?
Price elasticity of demand depends on various factors. Explain each factor with the help of an example and how how producers equilibrium is achieved with isoquants and isocost curves.
Explain the factors of production and give an example for each one and what is the difference between a normal good and an inferior good? How does this relate to the demand curve
How responsive to demand is each in the market period and describe what a manufacturer of each product might do in the short run to increase production.
Mention five ways you are affected on a daily basis by government intervention in the market. For what reason might government be involved? Is that reason justified?
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