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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 corporate treasurer of Rollinsford Company expects the company to grow at 3% in the future, and debt securities at 4% interest (tax rate = 35%) to be a cheaper option to finance the growth. The current market price per share of its common stock i..
What is Marginal Utility? Why does it diminish? Explain verbally and using appropriate math/symbols, the slope of the indifference curve. Write out the equation for and explain the "Consumer Equilibrium Condition", or as it is sometimes labeled, the ..
Susan was given 2 packs of bubble gum and 30 hats, and Cathy was given 8 packs of bubble gum and 10 hats. Susan and Cathy derive utility from hats and bubble gum from the following utility functions: Susan
Elucidate the fact that the cross-price elasticity of natural gas with respect to the price of fuel oil.
Illustrate what is the opportunity cost of a potholder for Martha. What is the opportunity cost of a potholder for Stewart.
In the 1950s, imports and exports of goods and services constituted roughly 4% to 5% of U.S. GDP. In recent years, exports have accounted for approximately 12% of GDP, while imports have more than tripled to over 15% of GDP. International trade agree..
When you purchase and eat a hamburger, no one else can eat the same hamburger. When you download a file on the Internet, the file is still available.
Describe the process in the money market (demand and supply of/for money) by which the interest rate reaches its equilibrium value if it starts above equilibrium.
What is the test statistic for the null hypothesis that mu=10 when the point estimate is 13 and the sample standard deviation is 2 and the sample size is 17.
Assume that macroeconomic forecasters predict that the economy will be expanding in the near future. Explain how might managers use this information.
The GDP deflator is a good cost of living index. GDP is more volatile in the short-run than the long-run. All government spending is in GDP. If GDP is adjusted for purchasing power, the US usually improves its relative position.
Suppose that you have had a one-hundred dollar bill hidden inside your mattress for the past year. Suppose also that at the beginning of the year, you could have instead used the hundred dollars to purchase a bond that would have given you a real ret..
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