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Suppose a wage increase from $11 to $13 an hour increases the number of job applicants from 42 to 56. What is the price elasticity of labor supply?
Use the midpoint formula.
The average total cost incurred by a firm is calculated by dividing:
Suppose the supply curve for a good shifts rightward, causing th equilibrium price to decrease. The decrease in the price of the good results in:
Recently, the House of Representatives passed legislation to increase the minimum wage in the nation from $5.15 to $7.50. What are the pros and cons of this proposal? Provide an analysis based on the demand and supply of labor.
If this economy were an open economy with a flexible exchange rate, would the usual crowding out forces be supplemented or offset by forces from the international sector
In the fake country of Oz there is only 1 burger joint, BamaDonalds; it can produce burgers at a constant average cost and marginal cost of $2 per burger. Demand for burgers in Oz is represented by this demand curve: Q = 40 - P. Calculate the profi..
The difference between a monopsonist and a monopolist is that. In a perfectly competitive output market, the value of the marginal product of a resource is
If you were the President of a large research-oriented medical school would you want your Board of Directors to invest in cigarette company stocks? Why or why not?
Discuss the difference between tangible and intangible priorities and why ground rules are important when both parties are amenable to negotiate
People buy insurance. The highest incidence of those without health insurance occurs in which age category? One result of asymmetric information in health insurance markets is
An firm borrowed $172,000 to remodel their office. The load was to be paid back in equal monthly payments over 30 years at 6% interest, compounded monthly. After 5 years, the firm wants to pay off the loan. What is the remaining balance that must be ..
Currently a heating unit for a small building is very old and inefficient. The owner is contemplating on replacing it with a variable air volume system that costs $100,000 and will save 450,000 kWh each year. The cost of electricity is $0.06 per kWh...
At the time, there were 180 million automobiles and 250 million people in the United States. Each vehicle was driven about 15,000 miles each year. What is the cost of saving each life?
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