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Price Elasticity of Demand Problem
You work for a employment agency, that sends out unemployment checks to the umemployed. The President, proposed a 21% increase in the minimum wage. Your boss wants you to provide you with a estimate of additional workers who will file for unemployment checks next year if this bill passes. Based on library research, you learn that 200,000 workers earn at or below the current minimum wage. More research leads you to 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 umemployment claims in your state?
Describe how a change in investment can have big impact on GDP causing a nationwide slump. Recall that investment is "small" relative to the entire economy.
When McDonald's Corp. reduced the price of its Big Mac by 75 percent if customers also purchased-Using your knowledge of game theory, what do you thank disrupted McDonald's plans?
A firm uses a single plant with costs C = 160 + 16Q + .1Q 2 and faces the price equation-Find the firms profit maximizing price and quantity. What is its profit?
Assume labor is the only cost of production and labor coefficients (hours of labor required per unit of output) in MACONDO and KRYPTON for each good are as follows:
An increase in input prices for rice production; and an improvement in rice production technology. Use diagrams to analyze the effects of these changes on equilibrium price and quantity.
Which of the following is true for perfect competition, monopolistic competition, and monopoly?
What is the maximum amount of good Y that can be purchased if X and Y are the only two goods available for purchase and P x = $5, P y = $10, X = 20, and M = 500?
Illustrate what is the internal rate of return for the college investment that this person faces. Write out the equation used to evaluate the net benefit.
In light of Ricardian model, how might you measure the claim by developing countries that they're at a disadvantage in trade
Two identical firms face linear demand. Market demand is given by P=30-Q. Compare graphically consumer and producer surplus in Cournot and Stakelberg equilibria to perfect competition.
Lawn mowing services are supplied by a host of individuals in the suburb of Westbrook-Algebraically determine the equilibrium industry price/output combination.
Create another diagram; once again start from an initial macroeconomic equilibrium. Explain both the SR and LR impact of a contractionary AS shock on Y. Use the appropriate diagrams and provide a brief real world example of this type of shock.
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