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Assume that labor demand for engineering is perfectly inelastic and is given by the equation L^d=300, while the supply curve for engineering is given as L^s=210 +10W represents the hourly wage rate. (a) what is the level of employment, wage and, unemployment rate if the minimum wage is set at $7.25 per hour? (b) If the minimum wage is raised to $12 per hour, how many workers lose their job? what is the unemployment rate?
Given the production function between nurse hours and patient visits per day to a community clinic, how will each of the following shift this function: A change inures remuneration from salary to fee for service. A change in the case mix of patients,..
Suppose that you have two people in an economy, Ms. Hundley and Mr. McKenna, who want to produce a public good S. Suppose we calculate the Lindahl equilibrium using the method in your textbook
tate in words and show with a graph the effect of the following events on equilibrium price and quantity of the market given. Assume you live in an economy that has a population of 2,000,000 people over the age of 16. The labor force in your economy ..
If the perfectly competitive market demand for cholesterol-free cookies shifts from QD,93 = 1,150 - 5P to QD,94 = 1,640 - 5P, and the market supply is given by QS = -100 + 2P, then the change in equilibrium price will be?
What could the Fed do in 2002-2003 in order to bring the economy back to full-unemployment ? What did the Fed actually do? Explain in detail
Using the slope of the health expenditure function, predict the change in per capita health care expenditures that would result.
Illustrate what are the advantages of using capital in the production process. What is meant by the term "division of labor".
The manager of an Electronic Corporation has estimated the total fixed and the total variable cost function for producing a particular type of camera to be: TVC = 60Q + 12Q2 TF = $1200 If the Corporation sells the cameras at a price of $60 each, how ..
The equilibrium quantity increase or decrease depends on Demand
You pay $500,000 for a house and the land that it is on. The land is valued at $195,000 and the house is valued at $305,000. You decide to demolish the house ($20,000 demolition cost) and build a go-cart track at a cost of $750,000. What is the cost ..
Explain if the increase in demand results from a large purchase b the Chinese of a new American-made airplane or a large purchase by Americans of new lower priced Chinese-made high definition Televisions.
Identify and explain the incentives for entrepreneurship. Address why someone would willingly take the numerous risks associated with running a business. Also, discuss the major attributes necessary for a successful entrepreneur
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