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The solution to Minimum Wage
If the minimum wage is set above the equilibrium wage, does this create a shortage or a surplus of labor, or does it create a lower wage rate for skilled workers than for unskilled workers?
What is autarky price and quantity equilibrium for both home and foreign? What is the open trade price and volume under free trade.
Explain the trade-offs between any three of these options. In other words, what will you gain, and what will you have to give up if you choose each of the three options?
Explain in a nontechnical way why demand is elastic in the northwest segment of the demand curve and inelastic in the southeast segment.
Elucidate foreign demand for dollars as well as the international value of the dollar.
A firm uses two inputs, unskilled labor (L) and capital (K) to produce its product. The wage rate for one unit of labor is $5, while units of capital cost $20.
All economics textbooks give examples that show diminishing marginal utility as consumption rises-However, it could be argued that a rational buyer should never experience negative marginal utility. Why?
From each pair of goods, pick the good for which demand will most likely be more elastic:
Adopting the main features of the neoclassical supply of labour, elucidate how these 2 factors may be related.
In a simple model with no government or foreign sector, the amount of involuntary inventory accumulation at equilibrium is
Assume x and y are the only two goods a person consumes. If after a rise in p x , the quantity demanded of y decreases, one could say
What is Bill's opportunity cost of producing one hat, In which of the two activities does Mary have a comparative advantage.
A profit-maximizing monopolist never produces in the inelastic part of a linear demand curve. The short-run supply curve of a competitive firm is its MC curve.
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