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It is observed that in an area with a lot of illegal immigration, the average wage of native born workers actually increased. Explain how this could have happened, using economic logic. Also, judge whether this is good or bad for the local economy.
Use a supply-demand graph to demonstrate how the quantity and price of medical services are expected to be affected if we went from a world without insurance to a world where the government covered 90% of all medical costs. Assuming that prices are s..
The number of people employed in a city was 128,000. The adult population was 201, 000 and the labor force participation rate was 67%. Based on the figures listed above, what is (1) the unemployment rate, (2) labor force participation rate, (3) numbe..
Suppose that a firm's only variable input is labour. When 50 workers are used, average product of labour is 50 and marginal product of labour is 75. Wage rate is $80 and total cost of fixed input is $500. Illustrate what is average variable cost. ..
Discuss the importance of a well-developed compensation plan in attracting as well as retaining good employees as well as how to keep those plans from "working too well."
A physician's office expenses increase 10 percent so she decides to raise the price of office visits by that much. Assuming the demand curve for office visits does not shift, what will happen to the total number of office visits and practice reven..
If the economy is currently producing 40 units of cotton and 6 units of wheat, then what is the approximate opportunity cost of producing 10 more units of cotton?
Anthony is considering the purchase of used car. The price, including the title and taxes, is $9,530. Anthony is able to make a $2,530 down payment. The balance, $7,000, will be borrowed from the Credit Union at an interest rate of 9.25% compounded d..
List three types of consumer protection laws in banking and give an example of each type. Fair Debt Collection Practices Act (1977). Federal Trade Commission Improvement Act (1980)
The annual operating and maintenance expenses are estimated to be $1,000. If Convington's MARR is 15%, how many years will it take before this machine becomes profitable.
The behavior of almost everyone indicates that people believe they will be better off if they earn a larger income, because a larger income means the ability to acquire more of what they want almost, but not quite, without regard to what it is that t..
A house can be purchased for $155,000, and you have $25,000 cash for a down payment. You are considering the following two financing options: What is the effective interest rate of the combined mortgage? Compute the monthly payments for each option o..
The chart on the following page shows the average daily demand for tokens on a major urban rapid transit system. What is the elasticity of demand at a fare of $2.50/token? Is the revenue maximizing fare higher than, lower than or equal to $2.50/token..
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