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A minimum wage will influence different labor markets differently. In four separate market diagrams, illustrate the following cases: (i) a competitive market in which causes a 50% reduction in labor demand; (ii) a competitive market in which the minimum wage does not causes a % reduction in labor demand; (iii) a monopsony market where the minimum wage increases employment; (iv) a monopsony market where the minimum wage decreases employment. (Hint under the monopsony model of minimum wages, the effective marginal expenditure curve has a horizontal range at the level of the minimum wage and then jumps to rejoin the original marginal expenditure curve.)
If the price elasticity of demand for used cars priced between $4,000 and $6,000 is -1.2 (using the mid-point method), what will be the percent change in quantity demanded when the price of a used car falls from $6,000 to $4,000?
Assume that there are two types of consumers. In particular, consumers of type 1 has utility function u(x, y) = x^0.5 y^0.5, whereas consumer of type 2 has u(x, y) = x^0.3 y^0.7. Both of them have income given by I>0, and the prices denoted are by PX..
A sum of sufficient magnitude is to be invested now so that starting in 10 years from now an amount of $2500 per year can be paid in each of 8 succeeding years. The unexpended money remains invested at 6% compounded annually. How much must be allo..
XYZ rapid prototyping (RP) software costs $20,000, lasts one year and will be expensed (i.e., written off in one year) . The cost of the upgrades will increase 10 % per year starting at the beginning of year two. How much can be spent now for an RP s..
Using your answers above, why does the growth rate of real GDP differ depending on the base year? Explain how the technique of Chain-Weighted Real GDP alleviates this problem.
Food prices has gone up globally in last few years. Explain how the income effect influences food purchases and provide some examples of the income effect that might occur when the price of food rises and other things remain the same.
On a given day in October, the number of customers that visit Hannah’s Haunted House is normally distributed with a mean of 85 and a variance of 400. What is the probability that the number of customers on one day is between 75 and 100?
The maintenance on a machine is expected to be $155 at the end of the first year, then increasing by $35 each year for the next 7 years. What sum of money would need to be set aside now to pay the maintenance for the 8-year period? Assume 6% interest..
If you wanted to assess the competitiveness of a country, would you focus on its spot exchange rate, its real exchange rate, its effective exchange rate, or some other measure of the company's currency's value? Explain
MMM expects to generate $60,000 in earnings that will be retained for reinvestment in the firm this year.
The European Economic Community was founded with the Treaty of Rome. Please name the ten most important milestones between 1957 and the EU enlargement of 2008. The EU is the biggest common market worldwide. Please name the most important facts that d..
Annual starting salaries for college graduates with degrees in business administration are generally expected to be between $30,000 and $45,000. Assume that a 95% confidence interval estimate of the population mean annual starting salary is desired. ..
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