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1. Castillo-Freeman and Freeman show the impact of the imposition of the U.S. minimum wage on Puerto Rico. Is this result helpful in explaining what might happen if the mainland U.S. minimum wage were increased? Why or Why not? (Hint: Use graphs where appropriate to explain your results.)
2. Currently more "large law suits" are filed for violations of State and Federal Fair Labor Standards Acts dealing with mandated breaks, lunch periods, and overtime than for Civil Rights issues. If a manager in a hypothetical company in retail sales called Widgets is making 50 percent of salary in bonuses based on store profits, and labor costs are the largest controllable marginal cost item, develop an incentive scheme to maintain profits but reduce the likelihood of expensive litigation that occurs through the violations of the Fair Labor Standards Act sections on breaks, lunch periods, and overtime.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
The Australian government administers two programs that affect the market for cigarettes
How many tickets to sell to maximize total welfare.
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
Depict the von Neumann-Morgenstern utility index u in a diagram
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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