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Suppose that it is well known that many children work in low-skill jobs in poor country “X.” If rich country “Y” buys goods from poor country “X,” then the increase in demand for their products is large enough to raise the wages of all low-skill workers in country “X.” Because of this, a politician from country “Y” makes the following statement: “We should not buy any goods from country “X.” If we do, it will only increase the number of child laborers there.”
1. Analyze the politician’s statement using economic theory. In doing so, suppose that parents make the decisions about whether their children will work or do other things (e.g. go to school). (Hint: your answer should include something about income and substitution effects.)
2. Is there any evidence from the real world that suggests that as wages continue to rise, child labor eventually declines?
A machine that has been used for one year has a salvage value of $10,000 now , which will drop by $2000 per year. The maintenance costs for the next 4 years are $1250, $1450, $1750 and $2250. Determine the marginal cost to extend service for each of ..
Place the items into the columns according to whether a change in the item would cause the curve to shift. If an item\'s change shifts more than one curve, place it in a single column according to this order: Long Run Aggregate Supply - Short Run Agg..
Evaluating Downsizing Effectiveness
A firm faces a demand where q=20-P. q is quantity demanded, P is price. Its total cost function is TC = 2q^2 + 2q + 20 . How many should it produce to maximize profit? What is the price it charges to its consumers?
Below are three parcels of real property A, B and C. B wants to have a built-in swimming pool installed in his backyard. In order to run the water line directly from the main in the street to the site, the line must run over his neighbor’s property. ..
If the company expects to spend $50,000 in the first year of this improvement program, how much of a yearly increase in the cost of the program is the company expecting?
Using the midpoint method, calculate and interpret the price elasticity of demand for the following situation: When the price of oranges increases from $1.00 per pound to $1.50 per pound, quantity demanded falls from 500 pounds to 400 pounds. Calcula..
In a fictional city, the city council introduces a new $500 per month tax on one-bedroom rental units. The tax raises the typical monthly rent on one-bedroom units from $950 per month to $1,050 and it lowers the number of one-bedroom units rented out..
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Do you think Fed independence (from the legislative and executive branches of government) helps or hinders the achievement of low and stable price inflation? Why?
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