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A monopsonic Fast Food Chain exhibits a demand for labor given by w=210-3L, where w denotes the wage and L the quantity of labor hired. Workers' labor supply is given by w=2L+7.
If the government imposed a minimum wage of w=70, what would be the resulting quantity of labor employed, the wage, and the welfare loss. Also, calculate the change in welfare compared to the free market outcome (i.e., in the absence of minimum wages). Is this a welfare gain or a loss?
The demand for life insurance, Executive Insurers, Corporation is planning the factors that affect the amount of life insurance held by executives. The following information on the amount of insurance and annual incomes of a random sample of twelve e..
a firm recieves a shipment of 100 personal computers for use by its staff. of these 100 computers five are defective
If the elasticity of demand for cocaine is -.2 and the Drug Enforcement Administration succeeds in reducing supply substantially, causing the street price of the drug to rise by 50%, buyers will spend less on cocaine.
You own a building that has 4 possible uses: a cafe, a craft store, a hardware store, and a bookstore. The value of the building in each use is $2000; $3000; $4000; and $5000, respectively. You decide to open a hardware store. The opportunity cost..
1. Job A pays $30,000 a year. Job B is completely identical in all aspects except it is located in an area that has a 10% higher cost of living. In order to compete, Job B would need to pay. This is known as a. 2. Explain the difference ..
The Cash Flows have a present value of zero. Compute the value of J, assuming a 10 percent interest rate. 0 100 - 1(year(s) 100 - 2 100 -3 4 5 6- J 7-J 8-J
The first payment is due one year from today. The government plans to invest the funds until the final payment is collected and then donate the entire amount, including investment earnings, to a national health center.
Suppose that worker skills can be measured in efficiency units, and that efficiency units are distributed in the population such that worker 1 has 1 efficiency unit, worker 2 has 2 efficiency units, etc.
U(*) 5lnQ1 + 4lnQ2 +10 ln(1+Q3)The prices of the three goods are P1= 10, P2= 20, P3= 20000, and individuals total income is$60000. Automobiles must be bought in discrete units, that isQ3 must be equal to 0,1,2.
data for a firm's output at various levels of employment (L) to calculate: a) its marginal physical product of labor (MPPL) schedule; (b) its (MPPL/MRCL) schedule, given a fixed wage (W = MRCL) of $25 per hour per worker. (c) Assuming that capital..
consider a perfectly competitive market with 10 firms firm 1 firm 2...firm 10. firm 1 through firm 9 have the same cost
A construction company is considering changing its depreciation from MACRS method to historical SL method for a general purpose hauling truck. The cost basis of the truck is $100,000, and the expected salvage value for depreciation purposes is $8,..
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