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Consider a low wage labor market. Workers in this market are not presently covered by the minimum wage, but the government is considering implementing such legislation. If implemented, this law would require employers in the market to pay workers a $5 hourly wage. Suppose all workers in the market are equally productive the current market clearing wage rate is $4 per hour, and that is this market clearing wage there are 600 employed workers. Further suppose that under the minimum wage legislation only 500 workers would be employed and 300 workers would be unemployed. Finally assume that the market demand and supply curves are linear and that the market reservation wage, the lowest wage at which any worker in the market would be willing to work, is $1. Compute the dollar value of the impact of the policy on employers, workers, and society as a whole.
Please describe one item in your life for each of the given categories and then explain why: elastic demand. unit elastic demand. inelastic demand.
A liquidity trap is a condition where the money demand curve is perfectly elastic. Using the new Keynesian sticky prices model, show what happens if the monetary authority tries to use monetary expansion when a liquidity trap exists.
Suppose that the production function for iPods is Q = 20K^0.5L^0.5. The marginal product of labor is 10(K/L)^0.5, and the marginal product of capital is 10(L/K)^0.5. Suppose that labor can be hired for $6, and capital can be rented for $9. If the fir..
You have been contracted by an economic consulting firm to determine the economic structure and possible future actions of OPEC, the Organization of Petroleum Exporting Countries.
Which of the subsequent goods also services should be included in Fredonia GDP in 2009
You have just purchased a municipal bond with a $10,000 par value for $9,500. You purchased it immediately after the previous owner received a semi-annual interest payment. The bond rate is 6.6% per year payable semi-annually. You plan to hold the bo..
Consider the Solow growth model with the production function Y=F(K,L)=KL/K+L . a. Find the production function in terms of capital per labor. b. What is Solow’s equation for the evolution of the capital/labor ratio? c. If capital depreciation rate is..
Find out the firm's total fixed cost. Find out the firm's total variable cost. Find out the firm's short run marginal cost. Find out the firms average variable cost.
A firm’s production function is given by: f(L,k) = L^1/2 , where L is the only input into production and it is variable in both the short and long run. Draw the long-run conditional labor demand in (L,Q) space (in other words, with L on the x-axis)
q. suppose the inverse demand function for an industry is p 9 - q20. the cost function for the industry is c 10 10q
Explain why a system of marketable pollution permits leads to less costly pollution abatement and a higher concentration of polluted areas than a command and control system.
determine the probability that buying the equipment will produce a return less than that of the bank and the probability that buying the equipment will produce a return more than that of the bank.
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