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Consider the following supply and demand equations for labor in a given industry:
Supply of Labor: W = .25L
Demand for Labor: W = 12 - .25L
a. If a minimum wage of $8 is applied to this market, how many people will lose their jobs because of minimum wage? How many will be added to the unemployment rolls?
b. If the labor market given above is for a community in which monopsonistic labor market conditions apply, what will be the wage rate paid by the monopsonistic 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 monopsonistic market described above, how many laborers will the firm employ? As a policy maker, would you support a minimum wage law?
Suppose the demand function is Qxd = 100 - 5Px + 2Py - M. If Px = $4, Py = $2, and M = $50, what is the cross-price elasticity of good x with respect to the price of good y?
Suppose that mux=10 and muy=20, further suppose that the consumers budget constraint can be expressed as 20x+10y=400. For this consumer, find the optimal amount of good x to buy.
The probability of accepting the next wage offer is: Which of the following would be considered a real (as opposed to pecuniary) externality associated with migration? The longer the expected length of tenure on the job:
If you want to make four equal payments on each January 1 from 2013 through 2016 to accumulate the $1,000, how large must each payment be.
The topic is one currently being debated here in the united states. it involves a proposal by the president Obama to raise the federal minimum wage from $7.25 to $10.10 per hour. How many workers will lose their Jobs due to this increase?
Suppose the own price elasticity of demand for good X is -3, its income elasticity is -2, its advertising elasticity is 3, and the cross-price elasticity of demand between it and good Y is -5. Determine how much the consumption of this good will chan..
q.you work as a sales representative for a major pharmaceutical company. most of your time is spent driving to
create a scatter chart to display thegame
Economists look at the differences between the short run and the long run in macroeconomics. Explain how might knowing this affect you as the manager of a large firm.
To earn economic profit, a monopolist must charge a price that
McDonald's and its major competitors compete based: In terms of location decisions, firms evaluate the extent to which the labor force is unionized.
The lag that arises because policymakers may not immediately get up-to-date statistics on economic variables is known as the______lag. In case of positive inflation rates, i. both borrowers and lenders of fund lose out. ii. both borrowers and lenders..
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