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Assume that the demand for short-order cooks at diners in a small town is ED=400 – 16 w , where E is the number of short- order cooks and w is the hourly wage rate. The market clearing wage is $8, but the town's City Council imposes a "living wage" of $10.
a) Does the living wage ordinance affect employment in diners? Draw a graph depicting what has transpired in the "diner sector."
b) The small town in question has an uncovered sector (not subject to the living wage) in which ES=–208+60w and ED=400–16w, before the living wage ordinance goes into effect.Assume that the short-order cooks who lose their jobs due to the living wage ordinance seek employment in the uncovered sector. What happens to employment and wages in that sector? Draw a graph depicting events in the uncovered sector.
The typical firm in a monopolistically competitive market does not earn long-run economic profit. Does that fact make it economically efficient? Explain why the firm will not able to earn long-run economic profit.
A price-taking ?rm selling in a market with a price greater than the ?rm's average total cost should:
How would equal educational achievement and equal income.
describe whether that combination leads to more or less growth over the next period.
In "Final Jeopardy" (pp. 234-242), Stephen Baker expresses an interesting look at the way technology, especially in terms of machines, could dramatically change the relationship between mankind and technology—not just helping us to locate information..
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Illustrate what are implications for economic analysis if most people don't follow economic decision rule in many aspects of their decisions.
Today we see a lot of activity within the international trade arena as the U.S. trade deficit has soared to a record high. Trade is designed to create bigger market opportunities, so why is the balance of trade so out of balance for the U.S.? Is it b..
In the U.S, the capital share of GDP is about 50 percent, the average growth in output is about 3 percent per year, the depreciation rate is about 4 percent per year, and the capital-output ratio is about 2.5. What must the saving rate be in the init..
Explain whether you believe this will happen. Analyse the promise and challenges associated with this supply source.
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china raises reserve requirementsthe peoples bank of china the countrys central bank raised the reserve requirements of
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