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a. Say that the labor demand in a market is given byL = -50 + 450And the labor supply is given byL = 100wWhat is the equilibrium wage and level of employment?
b. Suppose the government wants to impose a minimum wage of $4. How much unemployment would result?
c. Suppose that, instead of a minimum wage of $4, the government is providing a subsidy to employers to raise the equilibrium wage to $4. How much will this subsidy have to be and what will the new equilibrium level of employment be?
By October 15, 2001, the britannica.com site cited a list-price of $59.95 (only $49.95 after mail-in rebate) for Encyclopedia Britannica 2002 Deluxe Edition CD-ROM. The thirty-two volume set still sells for a hefty $1,295. in turn, charges $74.95 ..
what would an LM curve look like in a Quantity Theory world where velocity is fixed and is not impacted by interest rates (that is, M=kPY) what do you think would drive interest rates in such an environment
Test the null hypothesis of independence of the two qualitative variables A (political affiliation: A1 = Republican; A2 = Democrat; A3 = Independent) and B (education: B1 = high school; B2 = college; B3 = graduate school)
for Product X. Qx = 10,000 - 100 Px + 0.5 Y - 1000 r (3,000) (20) (0.3) (105) Where Qx is the quantity demanded of Product X, Px is the price of X, Y is income, and r is the prime interest rate (given in decimals, e.g., 0.02 or 0.05) The standard ..
Suppose that the production function of an economy follows the formula Y = F(K, bN) where b denotes the number of units of "human capital" per worker and bN the "effectiveunits" of labor. Due to effective educational policy, the stock of human cap..
"Though I'm against it for personal (Veteran) reasons. Majority of the drugs we found in Afghanistan were used to finance terrorist group.. although legalizing it would mean..less income for the terrorist and raise gdp So I'm not sure." 4. Give in..
Night Timers chief engineer anticipates that the product will be sold in ten-foot rolls. At present, the company's maximum production capacity is 140,000 rolls per year. The engineer believes the cost function to b be described by C= $50,000 + 0.2..
Power cost per kwh is $0.14. Annual maintenance, taxes and insurance will be 2.5% of the initial cost. a. What is the annual equivalent cost for each motor b. What is the IRR (Internal Rate of Return) on the incremental investment to select the more ..
If XYZ Corp. can undertake the following projects: Project 1: Required investment: $10 million Expected rate of return: 12% Project 2: Required investment: $2 million Expected rate of return: 15% Project 3: Required investment: $5 million Expected ra..
The following table shows the average retail price of butter and the Consumer Price Index from 1980 to 2000, scaled so that the CPI = 100 in 1980. 1980 1985 1990 1995 2000 CPI 100 130.58 158.56 184.95 208.98 Retail price of butter (salted, grade AA..
Suppose that interest rates are 6 percent in the economy and a safe bond promises to pay $3 per year in interest forever. Interest rates suddenly fall to 3 percent. What will happen to the price of the bond that pays $3 per year
The table below illustrates values for consumption spending, saving, and planned investment in a closed, private economy. Aggregate Output Consumption Saving Planned Investment Planned Aggregate Unplanned Inventory Change Expenditure (GDP = Y) (C) ..
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