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Explain in words and graphically how consumer surplus, producer surplus and total welfare changes when minimum wage is removed. In your explanation please interpret the components of the change in consumer surplus, producer surplus and total welfare. In other words what do these parts represent?
consider the problem of carbon dioxide emissions. we will abstract away from the problem somewhat assuming there are
What is the relationship between health insurance coverage andother aspects of financial planning?
According to an article in the New York Times, in 2011 the Port Authority of New York and New Jersey was planning to increase the tolls on the bridges and tunnels crossing the Hudson River by as much as 50 percent. According to the article, “Revenue ..
The university bookstores received 4 million euros from students in exchange for the books. Illustrate what is the total contribution to GDP from the above events.
If mortgage rate rises from 5% to 10% but the expected rate of increase in housing prices rises from 2% to 9%, are people more or less likely to buy houses? A lottery claims its grand prize is $10 million, payable over 5 years at $2 million per year...
Assume that wages and prices are sticky and that we start at a long-run equilibrium. Assume that at this initial point, the growth rate of the money supply is 4%, the growth rate of the velocity of money is 3% and that the real economic growth rate i..
Supposed a proposed public policy could result in three possible outcomes: If the probability of each outcome is, respectively, 0.85, 0.10, and 0.05, should the policy be pursued or not? Explain.
A standard objection to General Equilibrium models is that their long run predictions are irrelevant because in the long run we would all be dead. Evaluate this expression in the context of fiscal and monetary policies to relieve economic stress.
Efficiency wages are:
A rolled model product company purchased a machine for ram clambering large I- beam. The company expects to bend 95 beam at $2000 per beam in each of the first year, after which company expects to bend 125 beams per year through 9 years. If the compa..
Explain the "common interest logic" and the "economic logic" of group behavior in terms of the likelihood of the success of groups.
Consider a person who can work up to 80 hours each week at a pre-tax wage of $20 per hour but faces a constant 20% payroll tax. Under these conditions, the worker maximizes her utility by choosing to work 50 hours each week. On a single graph, draw t..
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