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19. According to the table above, if the product price is $5 and the wage rate is $10 per hour, how many workers should this firm hire? a. 3 b. 5 c. 4 d. 1 e. 2 Number of Units of the Resource Resource Price Marginal Revenue Product of the Resource 0 $2 1 4 $14 2 6 12 3 8 10 4 10 8 5 12 6 20. According to the table above, what wage rate will a monopsony pay to hire the optimal number of workers? a) $4 b) $6 c) $8 d) $10 e) Between $6 and $8. 10. Assume that labor demand is given by Qd = 200 - 20P and labor Supply is given by Qs = 10P - 10, where P = wage and Q = quantity of labor. If a minimum wage of $8 is imposed on this market, what will be the impact on consumer and producer surplus in this labor market? a. There will be no change in consumer and producer surplus in the labor market due to the minimum wage. b. There will be a welfare gain of $40. c. Both consumers and producers of labor will benefit from the minimum wage but we don't have enough information to determine the amount d. There will be a welfare loss of $30. e. Jobs will be lost but the gain in income to those keeping their jobs will outweigh the lost wages to those who are no longer employed.. 24. The figure above shows the costs and revenue curves for a natural monopoly. Which of the following statements is true? a. The unregulated monopolist will produce Q2 and charge P3 earning positive economic profit. b. If the regulatory authority forces a price of P4, the monopolist will produce Q3 and earn zero economic profit. c. This monopolist can achieve technological efficiency and still earn zero economic profit. d. If the regulatory authority forces marginal cost pricing, the monopolist will earn negative economic profit. e. None of the above is true.
In the 1960's, the San Francisco City Government physically moved several houses from the Hayes Valley/Fillmore district to clear way for other development. What government power was the SF City Government invoking, and please discuss the concept..
Assume you're the manager of Alpha Enterprises, a firm that holds the patent that makes it the exclusive manufacturer of bubble memory chips. Based on the estimates provided by the consultant
for each of the following events state the relevant elasticity concept. then compute the measure of elasticity
The production processes are interchangeable, and production can be adjusted depending on market conditions. The demand for both products is highly elastic in terms of price elasticity, and customers perceive the two products as close substitutes f..
What factors determine the elasticity of industry’s labor demand curve? Based on these factors, discuss labor demand for factory line workers versus labor demand for nurses, which one would be more elastic?
Suppose that the economy of Tunisia in which there are two products, Determine dollar value of gross national income in Tunisia evaluated at exchange rate?
One characteristic of automatic fiscal policy is that it...
Is MRS diminishing as Jane gets more F and more F?
Provide a brief company and product description and describe the characteristics of your chosen product that differentiate the product in the marketplace.
A small open economy uses a mobile factor (labor) and two specific factors, dry land (D) and wetland (W) to produce two goods, cactus and rice. Dry land is only productive in growing cactus and wetlands can only grow rice. Presume the world relative ..
consider a competitive market served by many domestic and foreign firms. the domestic demand for these firms product is
Write a 750-word essay on how the Environmental Protection Agency's policies impact business in the United States.
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