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Minimum wage labor market distortions
A minimum-wage law distorts the market for low-wage labor. To reduce this distortion, some economists advocate a two-tiered minimum-wage system, with a regular minimum wage for adult workers and a lower, 'subminimum' wage for teenage workers. Give two reasons a single minimum wage might distort the labor market for teenage workers more than it would the market for adult workers.
What would happen to each firm's current profits if firm 1 reduced its price to $6 while firm 2 continued to charge $8?
List four reasons why analyzing the economy is not as precise as the multiplier model makes it appear.
Life insurance companies require applicants to submit to a physical examination as proof of insurability prior to issuing standard life insurance policies.
Briefly explain in words the sequence of changes that occur as the two economies move from no trade to free trade.
Use the following data for a firm's output at various levels of employment to calculate: (a) its marginal physical product of labour (MPPL) schedule.
There are many factors might change AD and AS, and equilibrium. Please evaluate the effect of following scenario on the AD curve, AS curve, and accordingly the effect on equilibrium price level and equilibrium GDP/output.
Suppose a risk-averse consumer has an initial wealth of $5,000 and a utility function U(M) √M.. He faces an 80 percent chance of losing $4000, and a 20 percent chance of losing $0.
Assume that the payouts of the game were changed (if necessary) such that it results in gamblers having a positive expected value.
Describe the major difference between the law of demand and the law of supply. Consider the supply and demand schedules below.
What are the FC, ATC, AFC, AVC and MC at these output levels?
Write down his budget constraint and a utility function that captures his preferences. Draw his budget constraint and three of his indifference curves.
Physical capital, Natural resources, Human Capital and Technical Knowledge, should it be Government policy to subsidize the production or acquisition of all or these?
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