Reference no: EM131195167
1. Explain using a supply and demand curve the effects of an increase in minimum wage. According to U.S. Department of Labor, effective July 24, 2009, the national minimum wage was $7.25/ hour; therefore, research the current minimum wage rate on the labor market, identify the number of workers in the labor force in July 2009 and October 2014 to illustrate your conclusions.
2. The price elasticity of demand is 08, calculate the percentage change in quantity demand if the price of cigarettes per pack rose from $5.50 to $6.50
Use the formula for Price Elasticity of Demand.
3. Calculate the price elasticity of demand given a 20% increase in price and 40% decrease in quantity demanded.
Would the good be considered as elastic, unitarily elastic, or inelastic in demand? Please explain.
Use the price elasticity of demand formula.
4. A local movie theater owner decided to increase his ticket prices from $8.50 to $10.00, as a result the quantity of ticket sold per week as decreased from 1,000 tickets to 800 tickets, calculate the price elasticity of demand using the point elasticity of demand formula. Do consumers have an elastic, inelastic, or unitarily elastic demand for theater tickets? Please explain.
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Describe the organizational structure and design
: Examine the organization's differentiation and growth strategy. Analyze strategic options and a management approach the organization uses as it relates to the organization's goals and strategies.
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Summarized list of tasks
: Summarized list of tasks, or processes, to register and to check in a patient. Benefits of using an information system in support of your day-to-day tasks.
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Find consumer surplus and producer surplus
: Given the Demand and Supply functions: Draw the demand and supply curve. Identify Consumer and Producer Surplus in the graph. Find consumer surplus, producer surplus, and social welfare. The government sets a price floor Pf = 150. Is the price floor ..
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Find the profit from operation the shop at sales level
: A small tie shop finds that at a sales level of x ties per day its marginal profit is MP(x) dollars per tie, where MP(x) = 1.35+0.04x-0.0021x2. Also, the shop will lose $65 per day at a sales level of x- 0. Find the profit from operation the shop at ..
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Supply and demand curve effects of increase in minimum wage
: Explain using a supply and demand curve the effects of an increase in minimum wage. According to U.S. Department of Labor, effective July 24, 2009, the national minimum wage was $7.25/ hour; therefore, research the current minimum wage rate on the la..
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What additional-different spending cuts would you recommend
: How large is the current U.S. budget deficit and how has it changed over the last few years? What is the total amount of U.S. debt and how has this changed in the last few years? Who holds this debt? What additional/different spending cuts would you ..
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Analyze link between firms production process-total costs
: Analyze the link between a firm’s production process and its total costs. What are the different types of costs a firm faces in the short run and long run. What are the major differences in perfectly competitive firm and monopoly. List and explain at..
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Describe monthly demand and supply relations of firm
: The following equations describe monthly demand and supply relations of a firm. At what price level would demand equal zero? Find elasticity of demand and comment whether it is elastic or inelastic? If firm increases its price by AED 1, what will be..
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How does restraint of trade apply to np practice limitations
: The Federal Trade Commission has weighed in on several state battles over scope of practice, arguing that physician groups have no valid reason for blocking such laws other than to thwart competition. Discussion Question: How does “restraint of trade..
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