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The minimum wage in year 1 is $1 higher than the equilibrium wage. In year 2, the minimum wage is increased so that it is $2 above the equilibrium wage. We observe that the same number of people is working at the minimum wage in year 2 as in year 1. Does it follow that an increase in the minimum wage does not cause some workers to lose their jobs? Explain your answer.
determine the amount at time 0(now) equivalent to the cost of owning and operating the machine for the next five year period. It is anticipated that the machine can be sold for $1000 at the end of the five year period. Use an interest rate of 10%.
Assume that raising the marginal income tax rate raises $200B which could be spent on infrastructure projects. Explain how would we measure the cost of the project to determine whether it is worth undertaking.
Which of the following statements about indifference curves is true.. The higher an indifference curve is for a? consumer, the greater that? consumer's marginal level of satisfaction. The higher an indifference curve is for a? consumer, the greater t..
Why would consumers demand 0 minutes in the long run if the price was $.30 every minute.
This means that in the particular year the economy produced no capital goods at all." Do you agree. Why or why not? Explain: "Though net investment can be positive, negative, or zero, it is quite impossible for gross investment to be less than zer..
Perfect Competition is a model of which examples are few and far between; yet economists love to discuss this model. Obviously this model is not suitable for analyzing healthcare economics. Discuss.
Suppose that the total revenue function of a firm is given by TR(q) = 120q - 2q^2, where q is the level of output. Find the level of output q that will maximize the firm’s total revenue. Also, compute the maximum amount of total revenue received by t..
A business cycle fact is that real wages are pro-cyclical. Using the classical labour market as we have all semester, show and explain how the classical economists explained this business cycle fact.
Suppose an investor’s risk aversion coefficient is 3 and his utility function is U(r) = 1/2 E(r) − 1/2 A · V ar(r). Suppose there is a risk-free asset whose return is given by ¯r = 0.04. Suppose there is a single risky asset P that has an expected re..
An argument for making regulated monopolies adopt marginal cost pricing is that this would:
Each month, aztec spends exactly $2 million on advertising. Illustrate what is aztec's elasticity of demand for advertising. Can you write the equation for Aztec's demand for advertising.
If the reserve requirement is 20% and Lindsay deposits $200 into her checking account, calculate the change in her bank’s required reserves. Show your work.
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