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Description of Minimum Wage
I need help with these questions. The teacher says that there will be questions like this on the test. Could someone please help.
1. Suppose government imposed a minimum wage above what otherwise would be the equilibrium wage rate for this segment of the labor market. Using a supply and demand framework of analysis, what do you expect to happen to employment in this segment of the labor market? (Assume that inflation and economic growth are both zero.)
2. If you were an economist for Mattel, manufacturer of the doll Barbie, which was making an unsolicited bid to take over Hasbro, manufacturer of G.I. Joe, would you argue that the relevant market is dolls, preschool toys, or all toys including video games? Why? Would your answer change if you were working for Hasbro?
3. In what market did Microsoft have a monopoly in the late 1990s? What technological advances threatened that monopoly?
Illustrate what would happen if CPI decided to raise prices unilaterally in this toothpaste market.
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Suppose the firm raised the price to $4.00 while increasing its advertising expenditure by $100. Would this be beneficial? Explain. Illustrate your answer with the use of a demand schedule and a demand curve.
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Elucidate the policy which change, you would recommend also how this change would be financed.
Using the static classical AD/YP model, demonstrate the effect of each of the following changes.
Wednesday the price changed to 1.8275. Compute your profit-loss in USD on Tuesday and Wednesday.
Capital budgeting projects comprise all of the following with the exception. Asymmetric information represents a market situation.
Macroeconomics questions, discuss the short-run and long-run effects, Keynesian model, Distinguish between ongoing demand pull and ongoing cost push inflation.
An University President wants to reduce expenditures on fringe benefits
Three natural resources as well as products that could be traded abroad based on the principles of comparative advantage for India.
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