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Suppose the equations for the demand and supply of labor are given by:
LD= 100 - 2w
LS= 10 + 3w
where w is the real wage and and are the quantity of labor demanded and supplied, respectively.
a. Solve for the equilibrium wage and the quantity of employment and graph your results.
b. Assume that the government imposes a $20 minimum wage. Find the new quantity of labor demanded and supplied.
c. How many people lose their jobs because of the minimum wage? How many workers are now unemployed?
The rate of our imports and exports has nearly quadrupled during past decade alone. Firms today are hiring, investing, buying, selling, increasing capital overseas among other things
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Recently, a bank was trying to decide what fee to charge for "expedited payments" - payments that the bank would transmit extra-speedily to enable customers to avoid late fees on cable TV bills, electric bills, and the like.
Use Starbucks as the company, please help identify market structure of the organization. Evaluate the effectiveness of this structure for the company.
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Consider the same animation cel auction as in problem 1. If instead you decide to hold a Vickrey Auction, what will person 2's bid be, if he is behaving optimally?
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By the 1950s, the views of the Classical economists among American economists: had been largely eclipsed by Keynesian views. had largely replaced Keynesian views. were about as widely held as Keynesian views.
Craft Unions Both industrial and craft unions attempt to raise their members' wages, but each goes about it differently. Explain the difference in approaches and describe the impact these differences have on excess quantity of labor supplied.
The MidNight Hour, a local nightclub, earned $100,000 in accounting profit last year. This year the owner, who had invested $1 million in the club, decided to close the club. What can you say about economic profit (and the rate of return) in the n..
Explain why governments sometimes impose a price ceiling in a competitive market and explain three types of long run supply curves using the real industries.
Suppose both supply and demand decrease. What effect will this have on price and the government sets a price floor of $30 and agrees to purchase all surplus at $30 per unit
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