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A) Demand and supply situations in the perfectly competitive market for unskilled labor are as follows:QD = 120 - 12P (Demand)QS = 8P (Supply)where Q is millions of hours of unskilled labor and P is the wage rate per hour.
1. Graph the industry demand and supply curves.
2. Estimate the industry equilibrium price/output combination both graphically and algebraically.
3. Calculate the level of excess supply (unemployment) if the minimum wage is set at $7 per hour.
B) The tax burden falls mainly on consumers when demand is relatively elastic and it falls mainly on producers when demand is inelastic. True or false? Explain and give examples.
Third National Bank is fully loaned up with reserves of $20,000 and demand deposits is similar to $100,000. The reserve ratio is 20 percent.
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A firm sells specialized electronic computers. Each of the computers has a unique chip produced at a California plant at cost of Cw(Qc)=Q^2 c
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Johnston production is the price taker which utilizes this cost structure in the short run:
One way to view the law of diminishing marginal productivity is to say that, The concept of derived demand can best be illustrated by the statement:
A price floor is set by the government to protect the producer of the good to which price floor has been attached. There're two possible outcomes for market in price floor setting.
Does it make sense to hold sleep, work, and leisure fixed while changing study? Why or why not? Explain why this model violates the assumption of no perfect collinearity.
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