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Demand and supply conditions in the perfect competitive market for unskilled labor are as follows;Qd = 120 - 20P (Demand)Qs = 10P (Supply)Where Q is millions of hours of unskilled labor, and P is the wage rate per hour.h. Graph the industry demand and supply curvesi. Determine the industry equilibrium price/output combination both graphically and algebraically.j. Calculate the level of excess supply (unemployment) if the minimum wage is set at $4.50 per hour.
Illustrate what would happen to the costs if the growth rate was half as much as expected. This does not need to be a detailed economic analysis.
Describe several major antitrust cases in the United States. How do these laws affect (or affected) your work place or products used at your work place.
What is the equilibrium price and quantity. Illustrate what will sales be if the price is dropped to $20.
Illustrate what are the disadvantages of forming corporate joint ventures between multinational corporations in the home and host country.
Utilize supply and demand analysis, the impact on the equilibrium price and quantity of new Hybrid automobiles when the following occurs
Expalin why is private property, and the protection of property rights, so critical to the sucess of the market system.
Describe arbitrage and the law of one price. What role do they play in a market-based system. What do we call the 'one price' of an asset.
Tom have only $60, and he want to spend it all on clothing (X) and food (Y), Price of clothing is $4. Find out the optimal values of both goods (Y*,X*) and Utility?
Discuss the relationship between each of the following variables based on the experience of U.S. economy over the past 30 years.
Illustrate what is mean by "neutrality" or "superneutrality" of money. Give examples and discuss when they are likely.
Use the production possibilities frontier (PPF) to demonstrate economic growth.(Growth and the PPP)
All firms in a Cournot monopolistically competitive industry have the same cost function C (q)= 25 + 10q. Compute the equilibrium price, total output, firm output and number of firms in the industry.
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