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Question: Based on the videos, the readings and any additional research you decide to do (remember to cite and reference all your sources) what you do think will be the market impact(s) of the proposed increase in the federal minimum wage to $15 per hour? Will the proposed increase help workers? And if so which part(s) of the labor market will be helped? Which part(s) of the labor market will hurt by the proposed increase? How will they be hurt? What will happen to the prices of goods and services produced with minimum wage labor? What is your conclusion? Is this proposal a good idea or not? Explain why. Post your views to the discussion board and refer to at least two different concepts from this week's Chapters. Your illustration of concepts MUST include an explanation why you think they are are relevant to the week's topic using specific information from the articles, videos and other research that you have done.
Describe your commodity and the market that commodity targets (geographic or demographic).
Keeping in mind what we learned in this chapter, that the price is the result of the interactions of supply and demand. San Diego State University.
How government intervention in the form of a tax on producers can make the post-policy outcomes even worse than the pre-policy position and explain the underlying economic logic of this proposition.
Why might an increase in wages reduce the supply of labor? At what point would the supply of labor (hours worked) you would provide
What does this do to the marginal cost curve at Galt Inc.? Does it rise, does it fall, or is there no change? Illustrate your answer in the figure.
Which statement best characterizes Adam Smith’s concept of the “invisible hand”. Those who don’t work shouldn’t eat or else.
1. Which will be larger for a country: PG or APG? Please explain. 2. Country A and Country B have the same population of 200 million. Use the figures in the table below to calculate the head-count ratio and average poverty gap in each country. Finall..
According to the human skills theory of comparative advantage, developing countries would be expected to have a(n). After-transfers family income is the sum of
In Diagram 1 above, suppose the industry is a competitive one. What would be the price charged and quantity exchanged? Explain how you derived your answer.
Discuss whether or not Paradise Shoes should expand its output further beyond 1200 pairs per week. State all assumptions and qualifications that underlie your recommendation.
Raphael is a skilled toy maker who is able to produce both trains and kites. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time.
What does the term unemployment mean to you? Do little research and find the current unemployment rate and share with your classmates.
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