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Question: Suppose that you have been hired to analyze the impact on employment from the imposition of a minimum wage in the labor market. Further suppose that you estimate the demand and supply functions for labor, where L stands for the quantity of labor (measured in thousands of workers) and W stands for the wage rate (measured in dollars per hour).
Demand: LD = 100 - 4W
Supply: LS = 6W
First, calculate the free market equilibrium wage and quantity of labor. Now suppose the proposed minimum wage is $12. How large will the surplus of labor in this market be?
The initial cost of a pickup truck is $12,975 and will have a salvage value of $3,622 after five years. Maintenance is estimated to be a uniform gradient amount of $134 per year, with zero dollars for first year maintenance.
Problem - Suppose that the US demand for aluminum is given by QD = 500 - 50 P + 10Y, where P = Price of aluminum per ton Y = average income (in 1000's per year). And the US supply of aluminum is given by QS = 50 P - 200 PB. If Y = 10 and PB = 2, w..
assume that your business is visible and an important member of the community. would the government encourage a
Suppose no economies or diseconomies of scale exist in a given industry. What will the firm's long-run average and marginal cost curves look like? Would you expect firms of different sizes to be able to compete successfully in such an industry?
Many environmentalists, or general members of the public, are horrified by the notion of marketable pollution permits. They argue that big corporations should not be able to buy the right to pollute the environment. Make the counter-argument.
How the country's policies influence its productivity growth? How the country's financial system is related to key macroeconomic variables? How your organization can reduce the risk they would face in relocating?
a. Good Ais an inferior good and Goods A and B are substitutes. b. Good Ais an inferior good and Goods A and B are complements. c. Good Ais a normal good and Goods A and B are substitutes. d. Good Ais a normal good and Goods A and B are complements. ..
Explain the difference between a positive and negative externality. In your analysis, make sure to provide an example of each type of externality.
What is wrong with this statement: Whenever the industry fails to achieve allocative efficiency by producing too little output, the shortage arises.
The crucial factor in the Classical Growth Model is the:
consider an agent who lives two periods. he is unemployed at the beginning of the first period and has a wage offer of
Whose side do you find yourself leaning to? Why? What is the impact on the demand for U.S. resources when supply of immigration is reduced?
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