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The market for hamburger flippers
Price of labour ($ per hour): Quantity of hours demanded: Quantity of hours supplied: 9 40 60
8 45 55
7 50 50
6 55 45
5 60 40
Look at the table for the market for hamburger flippers. If the minimum wage in this market is $8, what is the impact on the market? Who are the winners and losers of the minimum wage? Draw a graph and mark the areas to show the impact of the minimum wage.
The European Engine Corporation is a multi-national producer of small gasoline and diesel motors. European Engine Corporation has estimated the following cost experience for a new 3.5 hp engine over a sample of 122 observations,
A consumer of two goods faces positive prices for both goods and has positive income. Her preferences over consumption of good 1 and good 2 are represented by the following utility function: u(x1; x2) = min {2x1 + x2; x1 + 2x2}
Determine when a competitively produced product generates negative externalities in production, the industry will,
The following table is the pay off matrix for zero sum game. Estimate the each players dominated strategy of the following zero sum game?
The agency of Labor Statistics follows 5-steps to calculate Consumer Price Index. Determine three strengths and three weaknesses of the Consumer Price Index calculation.
Calculate the net private benefits of the project to the foreign-owned company, as a net present value and calculate the net social benefits of the project from the viewpoint of the Australian economy, with the same criterion.
Estimating equation through a correcting factor to correct heteroskedasticity may cause extra correlation to enter the model, which increase the R^2.
Suppose it is known that 10% of people who play poker machines have a gambling problem. Suppose it is also known that 20% of the population play poker machines and 5% of the population have a gambling problem.
When watching television after dinner, you suffer memory loss. You can not remember what demonstrate you just watched or what you ate for dinner.
What is Harry's price elasticity of demand for good x, denoted "x;px ? From Harry's perspective, is x ordinary, Gien, or neither? What is Harry's income elasticity of demand for good x, denoted "x;I? From Harry's perspective, is x normal, inferior, ..
Suppose the inverse demand for a product is Q = ?P 1/2 + 10. Write the expression for the demand curve, i.e., P = f(Q). What kind of expression is this?
Tom can produce 40 balls per hour or 4 bats per hour. Tessa can produce 80 balls per hour or 4 bats per hour. a. calculate Tom's opportunity cost of producing a ball. b. calculate Tessa's opportunity cost of producing a ball.
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