the minimum wage in this market is $8, what is the impact on the market? Who are the winners and losers of the minimum wage? Draw a graph and mark the areas to show the impact of the minimum wage.
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Mr. Smith has a weekly income of M = $24. Initially the prices of X and Y are both $2/unit and Mr. Smith buys 6 units each of X and Y each week, a bundle on indifference curve I0. Then, ceteris paribus, the price of X increases to $4/unit, with th..
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one in Toronto, Ontario, and the other in Halifax, Nova Scotia. Assume that both jobs were equally interesting to Sam and that he was indifferent between relocating to Toronto or staying in Halifax. Both positions offered a salary of $52,000.
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Machine A costs $15,000, has $1,600 in annual operating costs, produces an annual benefit of $8,000, has a useful life of 7 years, and can be sold for salvage at the end of its useful life for $3,000. Machine B costs $25,00..
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You are planning to build a new home with approximately 2,000-2,500 gross square feet living space on one floor. In addition, you are planning an attached two car garage (storage space) of approximately 450 gross square feet.
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If the government imposes a usury law and says that car loans cannot exceed 3 percent per year, how big will the monthly shortage (or excess demand) for car loans be What if the usury limit is raised to 7 percent per year
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the daughter of a women with the income in the bottom third of the income distribution will herself have a 60% chance of being in the bottom third, a 25% chance of being in the middle third, and a 15% chance of being in the top third. Income Group..
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In 2003, the market price for a 3,000 square foot home in South Tampa, Florida was $350,000 and 358 new homes were built. In 2004, the market price for a 3,000 square foot home in South Tampa, Florida increased to $385,000 and, holding all else eq..
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Suppose that a perfectly competitive firm faces a market price $10 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curve at an output (Q) level of 1,200 units. If the firm produ..
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The Columbia Company manufactures a battery-powered saw. Due to increased demand during the past few years, Columbia has increased plant capacity for the saw to 300,000 units. The firm's expected output and sales for the next year in their normal..
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Ford is budgeting $300,000 per year to pay for labor over the next 5 years. If the company expects the cost of labor to increase by $10,000 each year, and the annual interest rate is 10%, what is the expected cost of labor in the first year?
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a perfectly competitive market is in long run equilibrium. at present there are 100 identical firms each producing 5000 units of outputs. the prevailing market pricde is $20. assume that each firm faces increasing marginal cost .now suppose there ..
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