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Suppose that the low-skill job market is perfectly competitive and that the equilibrium wage and monthly output in the market absent government interference are $4.50 per hour and 1,000,000 hours. Assume that the demand and supply elasticity equal one and two. If the federal government mandates a minimum wage of $7.25 per hour, explain what happens to producer, consumer, and total surplus. Is there deadweight loss associated with the minimum wage?
A cannery is considering installing an automatic case-sealing machine to replace current hand methods. If they purchase the machine for 3800 in June, at the beginning of the canning season, they will save 400 per month for the 4 months each year.
Find the equation describing the LM curve. Note that since I did not give you a specic P (and the LM curve is always drawn given a specic P), you will end up with an equation in three unknowns (Y,P,r).
Sue consumes only two goods, food and clothing. The marginal utility of the last dollar she spends on food is 12, and the marginal utility of the last dollar she spends on clothing is 9. The price of food is $1.20/unit, and the price of clothing is..
Kate is one of 60 price-taking street artist. she and other street artist each produce their artwork with total costs given by SRTC = 3q^2 where q is the armound produced by each artist. the demand for such artwork is given by Q = 600 - 10P.
Consider a 6500 piece of machinery, with a 5 year depreciable life and an estimated 1200 salvage value. The projected utilization of the machinery when it was purchased, and its actual production to date as follows.
Find the Break Even Quantity of production for the following information. Given: Investment = $300,000 Salvage= $20,000 interest = 15% N (period)= 7 Annual Expenses = $15,000 Gross Margin per unit = $75 Variable cost per unit = $15 Depresiation is St..
You spendthrift cousin want to buy a fancy watch for $425. Instead, you suggest that she buy an inexpensive watch for $25and save the difference of $400 for 40years in account earning 9% interest per year.how much will she accumulate in this accoun..
A state meat inspector in Iowa has been given the assignment of estimating the mean net weight of packages of ground chuck labeled "3 pounds." Of course, he realizes that the weights cannot be precisely 3 pounds. A sample of 36 packages reveals th..
Daniel deposits $20,000 into an account earning interest at 6 percent per year compounded quarterly. He wishes to withdraw $400 at the end of each month. For how many months can he make these withdrawals
What is the annual equivalent value of a geometrically increasing series of payments which has first-year base of $30,000 increasing by 8% per year for 10 years with an interest rate of 12% compounded monthly
A security analyst specializing in stocks of motion picture industry the relation in number of movie theater tickets sold in December and the annual level of earnings in motion picture industry.
(1) Estimate the IRR for each project shown below to within X.X%. (2) Which ones should be done if the capital budget is limited to $60,000 (3) What is the minimum attractive rate of return (MARR) (4) What is the opportunity cost
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