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Consider the following supply and demand equations for labor in a given industry: (20 points) The supply of labor is W = .25L The demand for labor is W = 12 - .25L
B. If the labor market given above is for a community in which monopolistic labor market conditions apply, what will be the wage rate paid by the monopolistic profit-maximizing firm before the minimum wage is applied? (Assume part-time employment is possible.) How many workers will be employed?
C. If a $5 minimum wage is now applied to the monopolistic market described above, how many laborers will the firm employ? Sketch your answer below. As a policy maker, would you support a minimum wage law? Why?
Explain how you might use this survey data to predict the difference in the probability of marijuana use between married and single people.
Do you vote? Why or why not? What does the probability of decisiveness suggest you should do? What are the inefficiencies (social waste) associated with government granted monopolies?
q.1. short-term production function q 50l 6l2 - 0.5l3a. when the law of diminishing returns does begin to take
Now consider the following information for the U.S.: During 2014, consumption expenditures increased by $20.5 billion, gross private domestic investment declined by $8.8 billion, and government expenditures increased by $14.4 billion. In addition, th..
If the quantity demanded of a good falls by 2% when income rises by 10%, then:
Prepare an individual, 2500 word business plan and group presentation detailing your business idea. Use the following details to help structure your business plan.
”Most commercial fish species in nearly every ocean and sea are being rapidly depleted in what marine biologists and other specialists warn is evolving into one of the worst ecological disasters of modern times. According to the United Nations, the w..
Assume the demand function for good x can be written as Qd = 80 - 3Px + 2PY + IOI, where Px is the price of x, py is the price of good y, and I = consumer income. According to this equation; 1. Because the coefficient on the px is negative, x is an i..
A major bakery-cafe chain is evaluating whether they should consolidate its two offices into one location when the two leases expire. In addition, the company also needs to decide
q1. discuss the prognosis or economic outlook for the chilean economy in the coming year. consider the leading economic
Analyze marketing strategies in reaching markets with their products or services. Continue with a detailed description of marketing management strategies used in the implementation of the marketing plan. Conclude with the integrative strategies used ..
Explain how is world currency valued against the US dollar such as Euro and Chinese.
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