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Suppose the demand for labor market is given by Labor = 408−2wage and the market supply is given by Labor = 10wage.
a. In a graph draw the supply and demand curves and find the equilibrium wage and amount of employment. Show the seller’s and consumer’s surplus.
b. Suppose a minimum wage is placed on wages that sets the wage at $50. Find the quantity demanded and supplied, and the amount of unemployment.
c. Calculate the deadweight loss from the minimum wage.
Suppose my grand grandmother in 1909 put $100 in the bank account for me. The bank has been paying the compounded (annual compounding) interest rate of 5% per year. If I go and pick up this money now (that is in 2009) how much money will I get?
You have just been hired by a company as an economist and strategic planner. Your company has asked you to generate a report explaining the consequences of the market structure in which the company operates. Assume that the market structure is an oli..
Assess the validity of the following assertion: "The growth of wage labor in the Northeast between 1810 and 1850 was a direct consequence of the expansion of slavery in the South."
How do sports marketers enhance the perceived value of their commodities? Cite at least two examples. How has the Internet changed entertainment marketing? Is this a positive or negative change?
We are interested in checking if larger cities have higher rates of influenza than we would expect just from them being larger (Does a 1% increase in population result in a more than 1% increase in Influenza). Compute the t-statistic and determine if..
Volusia County has two alternatives for traffic light in an excluded area. Alternative A is to install an electrical powered traffic light, while alternative B is to install solar powered traffic light. The initial cost, the annual operation costs ar..
The residents of the town Marina Del Rey all love economics, and the mayor proposes building an economics museum. The museum has a fixed cost of $ 2,400,000 and no variable costs. Graph the museum’s average total cost curve and its marginal cost curv..
Recall the Application. During "happy hour," many bars and restaurants face an increase in demand for food and drink, and these establishments often cut prices during these times of increased demand. When this demand increases, the bars and restauran..
Your student association is looking for an auditorium to rent for an all-day conference. The university's Performing Arts Center is vacant on that day, so the association wants to rent it. If you rent the Center, what will be the university's margina..
During an election campaign, the incumbent argues that he should be reelected because GDP grew by 12% during his term in office. You know that population grew by 4% over the period, and that the GDP deflator increased from 100 to 108 during the past ..
An artist makes a beautiful instrument that becomes famous throughout the country. A number of claimants arise, each of whom argues that they deserve the flute: the artist who created it, the most talented musician, the poorest musician, the neediest..
If the company has minimum rate of return standard as 10%, which of the following projects would you recommend to the company? A) Investment in year 0, $40,000, returns $10,000 in year 1, $11,000 in year 2, 12,000 in year 3, and $13,000 in year 4. Op..
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