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1. Draw labor supply and demand curves for cashiers in Hadley supermarkets.
a. Show the effect of a rise in the minimum wage to above the current wage rate.
b. Do you anticipate large employment gains or losses?
c. Show the area of wages (employment times the wage). What happens to this area with the increase in the minimum wage?
d. Would you favor a higher minimum wage?
2. Real World Micro 2.4: Jeannette Wicks-Lim argues that the minimum wage could be raised without causing significant job loss. Why, in her view, would companies pay higher wages without laying off workers? Do you agree with her? Would you favor a higher minimum even if it reduced employment?
A newspaper has a monopoly on the local news market in a town. The market demand is given by P=1.70-Q/10,000, making the marginal revenue MR=1.70-Q/5,000. The marginal cost is constant at equal to 0.30. The fixed cost is 4,000. Variable cost is 0.30Q..
Suppose you have 5 stocks. In the past week they have changed in the following way: +5,1,+2,3,2. For each of the value functions from the previous problem, determine what the optimal way to bracket stocks into a portfolio to maximize the value.
Suppose the U.S. economy is in a recession and faces relatively high inflation. List the twin problems which policymakers face. List the monetary policy approaches the Fed could take to resolve each problem (i.e, do not list the policy tools—just des..
How much money must be invested in an account that pays 6% per year interest to be worth $20000 at the end of 8 years of (forgetting the leap years and making "convenient" assumptions) : Interest compounded semi-annually? Interest compounded quartley..
suppose that beer preresents 22 percent of the economy and pizza represent 4 percent. Chocolate is the rest of the economy. What was the inflation rate for this economy?
Research authoritative articles using the news and the DeVry Online Library (http://library.devry.edu) for a recent case of antitrust investigation.
What is the invisible hand principle? Does it indicate that self-interested behavior within markets will result in actions that are beneficial to others? What conditions are necessary for the invisible hand to work well? Why are those conditions impo..
Assume a monopolist does not practice price discrimination. Which of the following must be true for a monopolist at an output level where price (P) is equal to marginal cost (MC)?
Suppose you are interested in the population of students Northwestern University. a. Give an example of using descriptive statistics to learn about this population. b. Give an example of using inferential statistics to learn about this population
q1. use the internet to research an oligopoly not discussed in the text. from the e-activity describe the oligopoly you
do you think the price of crude oil has produced an upward or downward supply shock, or neither? How can you tell? Looking at historical data, when did the most recent oil-related supply shocks occur?
Question 1 The accompanying payoff matrix depicts the possible outcomes for two players involved in a game of Rock, Paper, Scissors. If a player receives a payoff of 1, the player wins;
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