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There are 440,000 people residing in Riverside. Among them, 80% of the population is the civilian labor force. 15% of the civilian labor force lost their jobs because their job skills are not required any longer. 30% of civilian workers are unemployed because the current wage is fixed at a very high rate.
Classify the civilian labor force in Riverside into one of the following unemployment types: structural and frictional unemployment and explain why.
In a short essay of at least two paragraphs, first explain what you think the benefits of requiring a balanced budget would be. If you don't see any benefit to such a requirement, then explain that instead and fully explain your reasons to support yo..
The demand for a good is P=200-5Q. The supply is P=50+10Q. What is the equilibrium price and quantity? (Make sure you show all your work)
Which of the following is a positive economic? statement? Suppose the U.S. government encouraged consumers to trade in their old automobiles for more? efficient, new models by paying up to? $5,000 for the old automobiles. These consumers would be exe..
You are the manager of a gas station and your goal is to maximize profits. Based on your past experience, the elasticity of demand by Texans for a car wash is -4, while the elasticity of demand by non-Texans for a car wash is -6. If you charge Texans..
In 2011, the New York Times charged $828 to receive the newspaper delivered to your home every day for a year. He became convinced that anyone who called up and threatened to end his or her subscription would be offered the same discount. Briefly exp..
Describe the equilibrium price and sales of X. Let PY = $10. Determine whether X and Y are substitutes or complements.
In this island economy, the (a) Orange Grove Owner likes only bananas and the (b) Banana Grower only likes Chocolate. Furthermore, the (c) Chocolate Maker only likes Oranges. Explain how trade between these three producers can occur. Will the Orange ..
When ShorTech introduced its Quadrant mobile phone, it had few competitors and set a price of $500 when its marginal cost per unit was $350. The economics consulting firm it hired to estimate the demand elasticity confirmed this was the optimal price..
Sam spends $6/wk on orange juice and apple juice. Orange juice costs $2/cup while apple juice costs $1/cup. Sam views 1 cup of orange juice as a perfect substitute for 3 cups of apple juice. Find Sam’s optimal consumption bundle of orange juice and a..
A t-statistic:
Efficient regulation. Suppose the state is trying to decide how many miles of a very scenic river it should preserve. There are 1000 people in the community, each of whom has an identical demand function given by. If the marginal cost of preservation..
Explain is a high degree of market concentration a boon or threat to consumers. What is the strongest argument on either side.
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