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ANSWER ALL OF THE FOLLOWING QUESTIONS WITH MORE THAN A FEW SENTENCES PLEASE
1. Why might you expect individuals who were unemployed in their 20s to have lower wages at the age of 40 than individuals with identical educational backgrounds but who were not unemployed?
2. The starting salary for a new assistant economics professor was $15,000 in 1976 and $90,000 in 2010. The value of the CPI for 2010 was 216.3, compared to 56.9 in 1976. In which year did a newly hired professor earn more in real terms?
3. A country reports a price index of 55 in 2005 and 60 in 2006. What is the inflation rate between 2005 and 2006?
4. How do you think the internet and online shopping would affect the menu costs of inflation?
Increasing the minimum wage will result in a decrease in employment for workers who now earn less than the new minimum wage.
Drawing on current business publications, find out some updated facts for each case that support this theme.
q1. suppose that people consume only three goods as shown in the table tennis balls golf balls bottle of gatorade2009
Compared with perfect competition, quantity produced in monopolistic competition is inefficient as price is higher than marginal cost (i.e. allocative inefficiency). Why do some economists argue that even if price is higher than marginal cost, it doe..
In the immediate market period for a highly-perishable crop like tomatoes, the individual farmer's supply curve tends to be:
Which of the following was not a contributing cause of the decline in investment and thus the recessionary expenditure gap occurring during the U.S. recession of 2001.
Illustrate what is the GDP of George's also John's island in terms of clamshells.
Consider again the case analyzed in class with two sectors exhibiting constant returns to scale technology (sector A is capital intensive and sector T is labor intensive). Suppose there is a neutral technological change in sector T only (no technolog..
What are the key points in a short-run production function that delineate the three stages of production? Explain the relationship between the law of diminishing returns and the three stages of production.
Excise tax is levied on the buyers of a good, then after the tax buyers will pay for each unit of the good.
here are many liquid cold medicines, all of which have almost exactly the same ingredients. Yet medicines with brand names that the man recognizes from television commercials are for more than the unadvertised versions. Elucidate in economic terms..
What must be true about the price elasticity of demand if your proposal is to achieve its goal of raising revenue? Explain your answer.
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