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A minimum wage will influence different labor markets differently. In four separate market diagrams, illustrate the following cases: (i) a competitive market in which causes a 50% reduction in labor demand; (ii) a competitive market in which the minimum wage does not causes a % reduction in labor demand; (iii) a monopsony market where the minimum wage increases employment; (iv) a monopsony market where the minimum wage decreases employment. (Hint under the monopsony model of minimum wages, the effective marginal expenditure curve has a horizontal range at the level of the minimum wage and then jumps to rejoin the original marginal expenditure curve.)
The average 50 year old worker is paid several times more than workers in the teens and 20's. Older workers have more human capital and higher MRP's Employers engage in widespread discrimination against younger workers Young people lack information a..
According to an article in the New York Times, in 2011 the Port Authority of New York and New Jersey was planning to increase the tolls on the bridges and tunnels crossing the Hudson River by as much as 50 percent. According to the article, “Revenue ..
If a country has the comparative advantage in producing cloth, in the market for cloth the autarky price would be _____ the world price and the country would _____ cloth.
One common criticism in the optimal taxation literature is the specification of the social welfare function. The optimal taxation literature (I have the Mirrlees framework in mind) relies on first specifying a social welfare function. what kind of po..
Indicate which curve shifted (demand curve, supply curve or both) and in which direction – for each of the following situations: *The price of furniture rises as the quantity bought and sold falls. *Apartment vacancy rates increase while average mont..
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what is gross private domestic investment spending. what happens when there is an increase in foreign imports. what happens with an increase in the price of labor. characteristics of a perfectly competitive market. what are large denomination time de..
Susan gets a job upon completion of her MSME degree with a mechanisms design firm. Her starting salary is $70,000; each successive year she gets a 5% raise. Assuming she deposits 10% of her salary each year into a fund earning 8% interest, how much m..
After reading about the Solow growth model, which concludes that continued economic growth requires continual innovation, and Schumpeter’s dynamic growth model, does the combination of these two models provide an adequate model of technological chang..
Describe the goals of the factory owners? Describe the goals of the employees? Describe the problem caused by the scarcity. What is the price of a life.
______An organization's shared values, beliefs, traditions, philosophies, rules, and role models for behavior represent its
Explain the impact the law of diminishing marginal returns has on both marginal cost and average total cost - with the aid of a diagram explain the long run average cost curve and the influences upon it.
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