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Question: The basic idea of deadweight loss is a willing buyer and a willing seller can't find a way to make an exchange. In the case of the minimum wage law, the reason they can't make an exchange is because it's illegal for the buyer (the firm) to hire the seller (the worker) at any wage below the legal minimum. But how can this really be a "loss" from the worker's point of view? It's obvious why business owners would love to hire workers for less than the minimum wage, but if all companies obey the minimum wage law, why are some workers still willing to work for less than that?
Using the cigconsumpW dataset, generate a list of the unique values of stated and state (with levels of) as local macros. Use reshapes to make a wide format.
Suppose martha's utility is given by U=1/2^2 +3y^2. what is formula for martha's rate of substitution? Is the marginal rate of substitution increasing or decreasing or constant as martha substitutes x for y?
discuss three values that you think are common in American culture. Describe each value and where you think the value comes from, and explain why the value is important to Americans.
Discuss the role of the interest rate and the cost of financing on your purchase decision. Interest rates are derived from the supply and demand for money and the actions of the Federal Reserve System. What was the rate of interest you paid on your v..
Discuss whether economic theory and the available empirical evidence justifies high executive compensation.
With an unprofitable rural hospital that was offered a contract at a lower price, what are major economic concepts that are important in making the right decision?
mr. larsson is an accountant who prepares final accounts for his clients. work arrives at his office randomly at a rate
Presume the own price elasticity of market demand for retail gasoline is -0.9, the Rothschild index is 0.7 and a typical gasoline retailer enjoys sales of $1,450,000 yearly. What is the price elasticity of demand for a representative gasoline retaile..
What things impact the value of the dollar Does anyone know why the Chinese Yuan remains very weak against most currencies and thus allows them to export so much Is it fair that the Yuan is made weak against other currencies
1. Why do you suppose that firms in Artic nations are already developing specialized tanker ships and platforms for use in privately accessible Artic areas 2. What are possible opportunity cost of opening Artic lands to private extracti..
How is the energy produced? Exactly how does the energy become a part of the electrical grid? What are the pros and cons of the energy
The price of apple juice decreases, and the wage rate paid to orange grove workers increases-equilibrium price_________equilibrium quantity________
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