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In the United States, the average hourly earnings of production workers in 2007 were $17.45 per hour. The national minimum wage was $5.85 per hour. Assume that the minimum wage represents what a worker receives for "raw labor". Using these data, calculate the share of wages that represents payments to human capital and the share that represents payments to raw labor.
A very popular sales technique at pizza establishments is : “Buy two large pizzas and get a third large pizza free (limit one free pizza per customer)” Suppose you only consume two goods, pizza and pop. Draw indifference curves showing your consumer ..
If the maker of a patented drug sells the drug at a price above the equilibrium price, then there
Behavioral economics focuses on
Suppose there are two inputs in the production function, labor and capital, and these two inputs are perfect substitutes. The existing technology permits 1 machine to do the work of 3 workers. The firm wants to produce 100 units of output. Suppose th..
Classify the following goods by category (private, public, common, monopoly) and explain why:
Assume only two countries, China and the US. If China decides to stimulate growth through a policy of running a large export trade surplus, does China’s national saving increase? Show the relationship between China’s national savings, domestic invest..
q.at a recent board meeting ceo and president got into a heated argument about whether to shut down the firms plant in
Suppose that a 12 percent rise in the price of pancakes decreases the quantity of pancakes demanded by 22 percent and increases the quantity of waffles demanded by 14 percent. Price elasticity of demand for pancakes. Cross elasticity of demand for wa..
The payroll tax is levied at a rate of 15.3% of a worker’s earnings, up to a ceiling. For workers with earnings greater than the ceiling, the tax rate is only 2.9%. Also, the payroll tax does not apply to capital income, which is a larger share of in..
Suppose that there are 100 workers in the country (50 women and 50 men), they are each paid $10 an hour, and the tax rate is 25%. What tax revenue is collected? What is the deadweight loss associated with the 25% tax on labor incomes?
Would the DWL of a tax be larger if the tax (assuming the same size of tax per unit of product) were levied on groceries or meals at fancy restaurants? ? In order to minimize the DWL of a tax, should the government levy tax on groceries or meals at f..
[1] In your own words explain to me what are the four perspectives on globalization and how they differ. [2] Sustainable development depends on the nurturing and strengthening the five key ‘capitals’ What are they and how do they differ from one anot..
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