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Price Elasticity and Unemployment
You work for an unemployment agency that distributes unemployment checks to unemployed workers in your state. Your boss recently learned that the President proposed a 21% increase in the minimum wage and wants you to provide her with an estimate of the number of additional workers who will file for unemployment compensation claims next year if the bill passes. Based on library research at a nearby university, you learn that about 200,000 workers in your state earn at or below the current minimum wage. Further library research turns up a study that reports the own price elasticity of demand for minimum wage earners to be -0.30. Based on your findings, how many additional workers do you think will file unemployment claims in your state?
Illustrate what do each of the following seek if they pursue their own self interest: consumers, resource owners, and business firms.
If the US population is growing at .88% per year, while GDP is growing at 2.5% per year, and if these growth rates remain constant for the next five years, what will be the population and GDP levels in five years? Please show your work.
Additionally, several other configurations were also estimated. The results are shown on the following pages. Based on this data, answer the following questions. Comment on the significance of time trend and seasonality.
Decide if the values of the goods produced are included in the 2006 GDP and explain your reasoning.
Pamela Sue, proprietor of Heartland Supermarkets which would like to raise her current sales of corn from 250 bushels per week to 500 bushels per week.
Using the tools of analysis developed in this course, demonstrate that removing the subsidy will make consumers worse off but will nevertheless improve society economic welfare.
Draw a graph of the UK labour market that shows the demand for labour, the supply of labour, and the real wage rate in 1973 and 2003. Draw a graph of the UK production function in 1973 and 2003. Make sure your graph shows potential GDP in both year..
Assume an airline flying on the Charlotile - Chicago route has estimated the demand curves for three different types of customers: business
Illustrate which tool is used most frequently. Illustrate what are two limitations on the money expansion process.
There is no Constitutional needs which individual states must accept monies offered by federal government to support requires affecting their citizens.
Important information about Equivalent yearly Worth. With an interest rate of 10% per year and given the following estimates, the annual worth of alternative ''F'' is closest to
According to a recent article in the Wall Street Journal, side-impact crashes are among the deadliest, accounting for nearly 10,000 deaths per year.
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