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You are an economic consultant to a city that just imposed a payroll tax of $1 per hour of work. This payroll tax is paid by workers through a payroll deduction: For each hour of work, the employer deducts $1 and sends the money to the city government. The initial wage (Before the tax) is $10, and total employment is 20,000 hours per day. Use a graph to show the effect of the tax on the equilibrium wage and employment.
Advertising can inform buyers, but sellers must incur costs to advertise. If so advertising can result in higher prices to consumers.
Because of a recession, the inflation rate expected for the coming year is only 3%. However, the inflation rate in Year 2 and thereafter is expected to be constant at some level above 3%.
Describe whether each of the following would cause a shift of the aggregate demand curve, the aggregate supply curve, neither, or both.
Studies indicate that the price elasticity of demand for cigarettes is about .4. If a pack of cigarettes currently costs $2, and the government wants to reduce smoking by 20 percent, by how much should it increase its price?
Conflicts between Pat's statements and work. Do you see any conflicts among Pat's statements and trips to Europe.
If we do engage in foreign trade, should we limit foreign trade to nations that engage in "fair trade" by giving us access to their domestic markets and reciprocal import tariff reductions that mirror our tariff reductions on our imports from them?
If the CPI went from 106 to 111 during the past year, Illustrate what was the rate of inflation.
What is the "current macroeconomic situation" in the U.S. as of 2013 (e.g. is the U.S. economy currently concerned about unemployment, inflation, recession, etc.) What fiscal policies and monetary policies would be appropriate at this time
You are the manager of a firm that produces and markets a generic type of soft drink in a competitive market. In addition to the large number of generic products in your market, you also compete against major brands suh as Coca-Cola and Pepsi.
Illustrtae what is the value of x which will make the manager indifferent among shirking and working hard.
Elucidate the difference between the law of demand and the law of supply. What does the phrase 'other things equal" mean? Why do we need that.
Distribution of costs and benefits Suppose that the government decides to guarantee an above market price for a good by buying up any surplus at that above-market price. Using a conventional supply-demand diagram.
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