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A local radio morning man said the following when Vancouver housing prices fell by 20% in the fall of 2008: “Sure the price of housing is falling, but we know that this causes an increase in demand for housing. When the demand increases, this will lead to a rebounding of the local prices.” Does the local radio man have his story right?
In principle, the government could impose separate minimum wages on distinct occupations. Suppose the government imposed a minimum wage of 20 percent over their respective market wages for ditch-diggers and university professors.
In trying to measure the extent to which labor unions are responsible for increasing wages, economists use sophisticated statistical methods to compare the wages of unionized workers with those of non-unionized workers. Explain why it is not legitima..
Market failure is a situation in which a given market does not efficiently organize production or allocate goods and services to consumers. Overcoming market failure is a significant challenge for the government, which is not easy to accomplish and m..
Explain the liberal perspective on markets and the state with specific reference to the Keynes/Hayek debate. Why are the differences between them vital for understanding contemporary international political economy?
Suppose the inverse demand for coal is estimated to be P = 75 - 0.6Q, whereP is the price of coal and Q is the quantity demanded. The supply of coal is given by P = 0.3Q. Graph inverse demand and inverse supply. Calculate and show graphically the pri..
Please read Ximpleware Corp. v. Versata Software, Inc. Et Al, 2013 U.S. Dist. Lexis 172411. I've included the case below. Be sure to read the case and then brief it using the case brief format found in the tutorials folder under How to Brief a Legal ..
During the Great Depression, the Federal Reserve Board
You and your boss are having a discussion about a changing supply factor for the good you bring to market. You manufacture widgets, specifically left-handed widgets for sale in the Maryland marketplace. Your boss has won awards celebrating her entrep..
His plant engineers report that, at his projected volume, labor costs are $1.00 per package, material costs are $2.00 per package, and other average fixed costs are about $0.7. What price should he charge for his firm's product?
You have an income of $40 to spend on two commodities. Commodity 1 costs $10 per unit, and commodity 2 costs $5 per unit, illustrate what is the budget equation.
Use the case of traffic congestion to explain how we can actually measure the monetary value of an externality. Do you think the government should charge drivers for imposing this externality? Discuss.
Consider an economy in which the labor demand function is 40 - (W/P), the labor supply function is 40 + (W/P), the production is Y = 30 + 12L. Suppose the money supply is $333 and the velocity is 4. What is the equilibrium level of employment L* and ..
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