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Question 1:
"A higher minimum wage means some low wage workers will get fired because there will be less money available for labor costs. An international minimum wage, scaled according to the working conditions and cost of living in a particular country, would allow local workers to benefit without significant trade disruptions.” Discuss this statement and explain why the demand curve is apt to be horizontal in the unskilled labor market.
Question 2:
What are the major preconditions of a perfectly competitive market? Provide examples to illustrate your points.
According to the neoclassical theory of distribution, a worker’s real wage reflects her productivity. Let’s use this insight to examine the incomes of two groups of workers: farmers and barbers. Over the past century, the productivity of farmers Af h..
A coffee retailer (Bob’s) developed the following daily demand curve for coffee for Your Town, NY. Where P is the price of Bob’s coffee, Pc is the price of Starbuck’s, and M is income in YourTown. Currently Bob’s and Starbuck’s Coffee are priced at $..
Describe how a decrease in price will affect the Quantity Demanded of an item. Incorporate a discussion of the Income and Substitution Effects into your response, as well as the difference between “Normal” and “Inferior” goods.
Show the effect of a 50 percent tax on interest income assuming the substitution and income effects cancel each other out. Compute and label all relevant values in your graph.
Why has the application of the World Bank's standard Structural Adjustment Policies been counter-productive in many developing countries?
Explain how more would cumulative spending increase as a result.
Bob's preferences over consumption is defined by the following utility function: u(c1,c2) = c1^2/3c2^1/3. Note, c1 is Bob's consumption in period 1 and c2 is Bob's consumption in period 2. Calculate Bob's present value and future values of income for..
Describe the current European union its expanded membership and its problem and prospects for year 2015 what keeps so many disparate countries together"? is there a European identity? will they continue to expand? What issues will dominate the coming..
Using the three intellectual property concerns that you identified in the first part of this discussion - determine which concerns can be addressed by processes internal to the firm and which must be handled by factors.
In describing confidence intervals on a mean, z and t intervals are frequently mentioned. How are z and t confidence intervals different? Choose one interval and give an example of how it could be applied within an operations or production environmen..
Determine one possible combination of government spending increases and tax increases that would accomplish the same goal.
The difference between gross and net investment is referred to as:
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