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In a recent speech, the governor of your state announced: “One of the biggest causes of juvenile delinquency in this state is the high rate of unemployment among 16 to 19 year olds. The low wages offered by employers in the state have given fewer teenagers the incentive to find summer employment. Instead of working all summer, the way we used to, today’s teenagers slack off and cause trouble. To address this problem, I propose to raise the state’s minimum wage by $1.50 per hour. This will give teens the proper incentive to go out and find meaningful employment when they are not in school.” Carefully Evaluate the governor’s plan to reduce juvenile delinquency.
Solve the labour supply model, replace the utility function. In each, how does the labour supply depend on the wage? How does it compare to the log utility model? Explain.
“When the firms in a perfectly competitive industry are just able to cover their cost of production, economic profit is zero. Therefore, if demand falls, causing prices to go down even a little bit, all of the firms in the industry will immediately s..
Illustrate what will happen to the price of bonds also to money holding if the Fed changes the interest rate as a result of a decrease in the money supply.
You are a firm in the highway billboards industry. Your industry is highly concentrated, with a Herfindahl-Hirschman Index of: HHI=3,000. You wish to merge with another firm in your industry, which would cause the HHI index to rise to HHI=3,050. Prov..
Suppose you have hired a new worker, unfortunately you do not know if the worker is a shirker or a hard worker. Suppose working hard raises the probability of making a sale from 40% to 80% (thus raises the probability of making a commission C by the ..
If the (profit-maximizing) level of output that a monopolist produces is such that marginal revenue, marginal cost, and average total cost are equal at that level of output, then economic profits must be: a) negative B) positive C) zero D) indetermin..
Suppose the government of Washington is considering the addition of a new tax on rms. You have been called in to provide expert analysis on how such a tax would eect employment of labor. A tax on every hour an employee works (e.g., \X" cents per hour..
The DOT is testing a new restoration & maintenance resurfacing project. The annual cost of the new equipment is $120,000/year and material cost is $4/mile. Alternatively, the traditional process requires equipment that cost $150,000 today with a 15 y..
If the position of the demand curve for digital rock music albums has remained unchanged, what can account for a continuing rise in the market clearking price? If the answer explains why album prices have been rising, what can you predict is likely t..
Describe the nature oft eh incentive conflict between VCs and the managers, identifying the principal and the agent.
What feature(s) of Medicare would cause an economist to say that “Medicare stinks as insurance”? Medicare supplement insurance is available from the commercial market and most commonly covers ‘up-front’ deductibles and least commonly covers “high-end..
Using the standard Solow growth model (i.e., without technological change as graphed below), draw and describe the effects that war involving high casualties has on capital per worker. Assume this war occurs on foreign soil and thus does not damage t..
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