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1. Using market supply and demand analysis, explain why labor union leaders are strong advocates of raising the minimum wage above the equilibrium wage.
2. What are the advantages and disadvantages of the price system?
Suppose a wage tax that reduces the wage to W = $12 is imposed. By how much is the supplier's surplus reduced at the new equilibrium?
What is the effect of a subsidy of s per hour on labor in only one sector of the economy on the equilibrium wage, total employment, and employment in the covered and uncovered sectors?
Discuss the individual benefits that may arise from a preferred party winning. How large are these likely to be relative to the cost of voting?
What is the elasticity of demand for cigarettes with respect to price? Is it statistically significant? If so, is it statistically different from one?
(a) Computer nominal GDP, real GDP, and the GDP Deflator for each year using 2005 as base year (b) Compute the percentage change in nominal GDP, real GDP, and the GDP Deflator in 2006 and 2007 from the perceeding year. For each year, identify the var..
Suppose you are an analyst for the Coca-Cola company. An individual's inverse demand for Coca-Cola is estimated to be P = 98 - 4Q (in cents). If Coca-Cola is produced according to the following cost function TC = 1,000 + 2Q (in cents)
Outline the range of major policy options for a developing country to alter and modify its size distribution of national income. Which policies do you believe are absolutely essential? Explain your answer.
Characterize the equilibrium in this economy, and show that all the results are identical to those in Section 13.1.
Explain what is different between firms in mo- nopolistic competition and firms in oligopoly. What does this difference mean for prices and quantities and for economic profit?
How do tax and redistribution programs affect incentives? How do social insurance programs affect incentives? Describe some of the trade-offs involved.
what is the equivalent uniform annual cost per machine (years1 through 5) at an interest rate of 12% per year?
In a large city it was found that summer electricity bills for single-family home followed a normal distribution with standard deviation $100. A random sample of 25 bills was taken. a. Find the probability that the sample standard deviation is less..
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