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3.2 million low income workers across malaysia are expected to benefit from the countrys first minimum wage, which the government will transform Malaysia into a high income nation. Employer groups say that paying the minimum wage,which is not based on productivity or performance, would raise their costs and reduce business profits.
a. On a graph of the market for low skilled labor, show the effect of the minimum wage on the quanitity of labor employed.
b. Explain the effects of the minimum wage on the workers surplus, the firms surplus and the efficiency of the market for low skilled workers.
Indicate whether each of the following involves an upward or downward shift in the long run average cost curve or, instead, involves a leftward or rightward movement along a given curve. Also indicate whether each will have an increasing, decreasing,..
Sarah (single) purchased a home on January 1, 2008 for $600,000. She eventually sold the home for $790,000. Sarah used the property as a vacation home through December 31, 2014. She then used the home as her principal residence from January 1, 2015 u..
Compute nominal GDP, real GDP also the GDP deflator for each year, using 20010 as the base year.
Discuss the various ways inflation can hinder economic activity. What are some strategies you might use in your life to deal with rising inflation? How might these strategies change if we experienced deflation?
Jack is in the umbrella making business. The economic cost of each umbrella is $2. Illustrate what are the formulae for both the average economic cost curve and marginal cost curve.
The supply curve for product X is given by QXS = -420 + 10PX . a. Find the inverse supply curve. P = + Q b. How much surplus do producers receive when Qx = 420? When Qx = 960? When QX = 420: $ When QX = 960: $
Consider an economy in which people wish to hold bank checking deposits worth a total of 5 million goods and currency worth 2 million goods in every period. In addition there is a stock of un intermediated capital worth 10 million goods. Find the tot..
Distinguish between demand-pull inflation and cost-push inflation. Which of the two types is most likely to be associated with a negative GDP gap? What is core inflation? Why is it calculated?
College Degrees Required for Police Officers Many Police Officer positions being advertised today require the applicant to have a college degree even though the tasks of a police officer rarely call upon college course material. Why don’t police depa..
Draw graphs with quantities of pepperoni pizza on the horizontal axis and quantities of anchovy pizza on the vertical axis to illustrate the following situations. In each case draw an indifference map (bunch of indifference curves) and make a little ..
Explain why the Aggregate Supply curve becomes increasingly steeply sloped at levels of RGDP near "full employment" and becomes especially steeply sloped beyond "full employment" RGDP. Why might the rate at which the Aggregate Supply curve shifts ver..
Oranges are the only good produced in the US and Spain. 1 ton of oranges cost $310 in the US, and 200 Euros in Spain. The nominal exchange rate is $1.55 per euro. Calculate the real exchange rate (E) from the US's perspective. Intuitively, what does ..
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