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Question: Using a perfectly competitive labor supply and demand model, show the theoretical effect of how a binding minimum wage affects employment and wages.
Your graph should clearly label the equilibrium wage and employment level without the minimum wage and clearly label the wage and employment level with the minimum wage.
Recopy the graph from part (a) and indicate the number of workers who benefit from the minimum wage. Explain how they benefit.
Recopy the graph from part (a) and indicate the number of workers suffer due to the minimum wage. Explain how they suffer.
Suppose there are only two automobile companies, Ford and Chevrolet. Ford believes that Chevrolet will match any price sets, but Chevrolet too is interested in maximizing profit. Use the following price and profit data to answer the following questio..
You are a new school counselor in a school that has not been using data to drive the school counseling program. What would you say to this veteran counselor? Support your thoughts with research from your readings.
How does this change affect the North? In particular, compare northern economic performance before the southern innovation with northern economic performance.
Discuss economic and social reasons why "market" process should be used to address the shortage of organs. As an counter argument, explain why government control or regulation may be required to optimize social welfare.
Real versus nominal GDP (a FRED question): Using the FRED database, locate notice that there are both annual and quarterly data (i.e., measures of production).
Over the last 10 years, the hurdle or discount rate for projects from the firm's research and development division has been 10% twice, 15% three times.
Improvement of the health health care systems in EU. Which policy would most likely be adopted in the real world?
What is the value of nominal GDP for year 2 - What is the value of the GDP deflator for year 1 using year 2 as the base year? Show your work.
A small but very profitable research firm purchased $175,000 worth of research equipment in 2003. Using MACRS and Section 179 expensing.
Assume consumption is represented by the following: C = 200 + .9Y. Also assume that planned investment (I) equals 300.
Suppose Jane has 3 years of college, Pam has 2 years of college, and Mary has 1 year of college. Jane earns $21 per hour, Pam earns $19 per hour.
Four firms called Elm, Maple, Oak, and Cherry, produce wooden chairs. However, they also produce a great deal of garbage (a mixture of glue, varnish, sandpaper)
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