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You work for an unemployment agency that distributes unemployment checks to unemployed workers in California. Your boss recently learned that the Governorhas proposed a 21 percent increase in the state minimum wage, and wants you to provide her with an estimate of the number of additional workers who will file for unemployment compensation claims next year if the bill passes. Based on library research at a nearby university, you learn that about 1,000,000 workers are employed at the current minimum wage, while the number of unemployed workers at the current minimum wage equals 50,000.
Further library research turns up a study that reports a price elasticy of labor demand to equal -0.10, and a price elasticity of labor supply to be 0.10. Based on this information, provide an estimate of the number of unemployed workers that will result from a 21% increase in the minimum wage.
Given the following demand and cost conditions for a monopolistic medical practice, predict the proft-maximizing price and quantity of services utilized
According to Global Insight, a Massachusetts economics consultancy, what will happen if oil prices remain in the range of $65 to $70 per barrel for a couple of more months?
How was African American military service in WWII similar to their service in earlier American wars? How did the "V for Victory" campaign highlight their differences? What role did African American nurses and pilots play in African American activism ..
With Australia going through a long-lasting drought in the first decade of the 21st century, serious concerns were raised about the possibility of running out of water.
Did many things change between the United States and Cuba, you know? What changes? What do you think of the changes? Are there new possibilities with the changes? Who are interested in the changes and talks about the changes? Discussed herein and inc..
The government decreases current taxes, while holding government spending in the present and the future constant.
Which of the following two examples illustrates adverse selection and which illustrates an incentive problem? Explain your answer. In each case, give one method that the restaurant might use to reduce the problem.
The Sequester is probably a bad idea. Use the IS-MP model to explain what should happen to the economy if the government cuts spending by 1 percentage point of potential GDP.
The euro has been depreciating against the $ for the past several months. The proximate cause of this depreciation is actions taken by the European Central Bank (ECB). What were those actions? Why did the ECB take those actions?
Suppose that the inverse market demand for silicone replacement tips for Sony EX71 earbud headphones is p = Pn - 0.1Q, where p is the price per pair of replacement tips, Pn is the price of a new pair of headphones, and Q is the number of tips per wee..
You take $1000 you had kept under your mattress and deposit it in your bank account. If this $1000 stays in the banking system as reserves and if banks hold reserves equal to 20 percent of deposits, by how much does the total amount of deposits in th..
Suppose you have 5 stocks. In the past week they have changed in the following way: +5,1,+2,3,2. For each of the value functions from the previous problem, determine what the optimal way to bracket stocks into a portfolio to maximize the value.
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