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Recently, the Governor of California signed a bill that would raise the minimum wage to $15.00 per hour by the year 2022. The following article depicts the new law: https://www.marketwatch.com/story/california-new-york-pass-15-minimum-wage-laws-2016-04-01 .
Demonstrate with an illustrative graph (no numbers) the likely impacts on supply, demand, and availability of labor in the California marketplace.
Demonstrate what will likely happen to the supply curve for employers of minimum-wage workers, such as fast-food and agricultural firms.
Explain what the affected employers might do to address the likely higher costs for producing fast food, agricultural products, and retail services.
Assume there is a decrease in government purchases and exports. Currently there is a recessionary gap, which implies that
The consumer of a bottle is willing to pay $18 for 3000 bottles but for every $8 decrease they are willing to buy 9000 more bottles. the suppliers will not supply any bottles at a price of $6 per bottle, but are willing to sell 3000 bottles for a uni..
Use the formula for price elasticity of demand to show that the students demand is more elastic than the teacher, at their respective optima,(yt,pt) for teachers and (ys,ps)for students.
You have a system that contains a special processor for doing floating- point operations. You have determined that 60% of your computations can use the floating-point processor. When a program uses the floating-point processor, the speedup of the flo..
Arrange the phases of decision making into the ideal order in which they should proceed: Identifying and diagnosing the problem- Evaluating the decision, Generating alternative solutions, Evaluating alternatives. Match decision making process with ea..
Determine the new equilibrium price and quantity and how much tax revenue does the government earn with $6 tax.
Evaluating Downsizing Effectiveness
The number of strikes in the economy will be lower in years having:
If the market for a product is broadly? defined, then. Which of the following will NOT cause a shift in the supply of? gasoline?
The average rent in a city is $1,500 per month with a standard deviation of $250. Assume rent follows the normal distribution. What percentage of rents are between $1,250 and $1,750? What percentage of rents are greater than $2,000?
The market demand curve for a monopolist is given by Q=20-0.5P. What is the average revenue function for a monopolist in the market? What is the marginal revenue function that corresponds to this demand curve?
Consumers only consume Diet Coke and Potato Chips. Using indifference curves and budget constraints, graphically and intuitively explain what will happen to consumer’s optimal consumption bundle if there has been an increase in the price of Potato Ch..
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