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Assume that the market for unskilled fast food workers is given by the following equations:
Demand P = 6.00 - .003Q
Supply P = 4.00 + .002Q
Where P is the price of labor (wage rate/hour) and Q is the quantity of labor hours per day
A. Find the equilibrium price and quantity solving the two equations. Show graphically the demand and supply curve and mark the equilibrium wage on the graph (no graph no points).
B. Suppose the government imposes s minimum wage of $5.50 per hour. What is the result in the market? Is there a shortage or surplus? Of how much? (you must figure out the total number of workers either surplus or deficit at the minimum wage of $5.50)
The risk-free rate of return is 3.5 percent. Illustrate what is the current value of one call option on this stock if the exercise price is $40.
What are the economic arguments in favor of such licensing and regulation? What are the arguments against? If such licensing does occur, what is likely to happen to the number of estheticians that practice, the prices they charge and their average in..
q1. on a 100-acre farm a farmer is able to manufacture 3000 bushels of wheat when he hires two employees. also he is
Japan's rapid growth pushed its real GDP per capita above that of the United States. Growth rates in follower nations such as South Korea and Hong Kong averaged about 10 percent per year.
Which of the following is not a motive for holding money in? Keynes's liquidity preference? theory?
What is the equilibrium price of honey? How much profit does an individual producer make in a month?
A purely competitive wheat farmer can sell any wheat he grows for $30 every bushel. His five acres of land
Which of the following was not a cause of the U.S. budget deficits in the 1980s? Which of the following does not qualify as an automatic stabilizer? Income taxes affect aggregate demand. Which of the following constitutes a direct tax?
Express the retailer's monthly profit from the sale of the cameras as a function of the selling cost. Estimate the optimal selling cost.
A hearing is scheduled for your company to present arguments that your firm has not increased its market power through this merger. Can you do this? How? What evidence might you bring to the hearing?
Compute the deadweight loss if the U.S. imposes a tariff of 25 cents per bottle of imported wine.
Examine KANO Analysis of customer requirements also come up with some questions (also answers) concerning it.
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