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When government decides that the equilibrium wage in a labor market is too low it often sets a "minimum wage" or "wage floor," manadating that the market wage can be no lowrr than the minimum wage. Many critics of the policy contend that it is inffective and counterproductive for two reasons: (1) it creates unemployement among the lo-wage, mostly poor workers it was supposedly designed to help, mand (2) it lowers the total earnings (WxL) recived by the low-wage workers who are still employed.
Assuming that the labor marget for low-wage workers is perfectly competitive and all low-wage industries are covered by minimum wage laws, briefly discuss and illustrate the circumstances under which the minimum wage would (1) not lead to unemployement, amd (2) not cause a reduction in the total earnings of low-wage workers who are still employed.
Note: The demand for labour in a perfectly competitive industry is ndetermined by the value of the marginal product of labor," or VMP where VM = pxMP, with p=the price of the product th elabor is used to produce, market research has revealed that in most cases the lemand for low-wage labor is relatively inelastic.
Consider a homogenous-product Cournot duopoly model in which Q is the market output-Determine the best-response function for each firm. Draw a diagram showing the two best-response functions.
Top Gun Marketing, Inc., offers overhead banner fly-by promotion services using their Cessna aircraft and banner creation facilities.
Determine the profit-maximizing quantity for a monopolist. You can ask the firm's to draw the firm's revenue and cost curves
From the information in the following table, calculate the income elasticity of demand for this good if income increases from $10,000 to $20,000, and if income increases from $40,000 to $50,000.
Complete the following table by computing the marginal utility per dollar for successive units of X, Y, and Z to one or two decimal places.
If the desired fiscal stimulus is $20 billion and the desired AD increase is $50 billion, we can conclude that the MPC is:
Assume that there are two power generating plants that emit SO 2 (sulphur dioxide). In the absence of regulation they each emit 10 tons of pollution per month.
Explain why this strategy may, in fact, be rational. Also, identify at least two other strategies that might permit Argyle to earn higher profits.
The price per unit remains $7.50 in both scenarios. Does the labour analyst's argument hold? Explain why or why not, and use data to prove your point. (Hint: calculate total costs in both circumstances).
Use aggregate demand (AD) and aggregate supply (AS) model in which the short run aggregate supply curve slopes upwards to describe the equilibrium level of real GDP and prices if the economy is operating:
According to the quantity theory of money, what is the effect of increase in quantity of money?
Earlier this year the Federal Government USA approved the merger between Sirius and XM satellite radio companies. What, if any, shortcomings arise from a monopoly pricing strategy (efficiency and consumer surplus)?
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