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You work for an unemployment agency that distributes unemployment checks to unemployed workers in your state. Your boss recently learned that the President proposed a 21 percent increase in the minimum wage, and wants you to provide her with an estimate of the number of additional workers who will file for unemployment compensation claims next year if the bill passes. Based on library research at a nearby university. you learn that about 200,000 workers in your state earn at or below the current minimum wage. Further library research turns up a study that reports the own price elasticity of demand for minimum wage earners to be -0.30. Based on your findings, how many additional workers do you think will file unemployment claims in your state?
If in some country personal consumption expenditures in a specific year are $50 billion, purchases of stocks and bonds are $30 billion, net exports - what is the country's GDP for the year?
Be able to use the AE/PC model to analyze: counter-cyclical policy, disinflation, response to supply shocks. What is the difference between accomodating and non-accomodating responses to supply shocks? Explain how the Fed’s concern with keeping Y clo..
Why would a US company choose to export a product to India rather than license India the right to produce the product locally
Diminishing marginal returns to labor means
What is the marginal product of the third worker? What is the marginal revenue product of the sixth worker? What is the marginal cost of the fourth worker?
The radio manufacturing industry has been in decline for quite some time. Suppose the government is called on to save this industry with infusions of cash, low interest loans, or other special breaks. This might be touted as helping firms remain open..
Assuming the policymakers do nothing, use the diagram below to show the effects of the consumer pessimism on aggregate demand.
Using a graph for each team and a few well-chosen sentences, show how the Phillies and Eagles may both be profit maximizing if the Phillies are not selling out Citizen’s Bank Park (45,000 seats) while the Eagles do sell out Lincoln Financial Field (9..
Assume the following simple supply and demand model: Assume a supply and demand diagram with P measured on the vertical axis and Qd and Qs measured on the horizontal axis. The sign of the derivative of Qd with respect to Pr suggests which of the foll..
Explain how these allocation methods may affect quantity demanded, equilibrium price, and quantity supplied. Are these allocation methods more or less efficient than other methods?
karens performance pizza is a small restraunt in ny that sells gluten free pizzas karens very tiny kitchen barely has enoug room for the three ovens in which her workers bake the pizzas karen signed a lease obligating her to pay the rent for the t..
When the crisis hit the world financial system, XYZ felt the shock inevitably. In any case, XYZ's government couldn't afford to bail out its bank that had gotten so much bigger than its economy. Explain what happened to this country when the world fi..
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