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The Economist described the plight of the unskilled worker in the rich world. "In America the problem takes the form of poverty wages, in Europe of unemployment. The underlying cause appears to be the same. There are more unskilled workers than jobs at decent wages for them to do. In America, wages are allowed to fall far enough to match the demand for unskilled labor with the supply. Unemployment is low and millions of new jobs have been created; but low-wage workers earn too little to live comfortably, and their incomes in real terms have fallen for 20 years. In Europe, wages and other employment costs are buoyed by minimum-wage laws and comparatively generous welfare benefits, so unskilled workers are less poor than in America; but unemployment is far higher." ("Ballad of the Global Worker." The Economist. September 18, 1997).
Use a demand and supply diagram of the labor market to explain why the decrease in demand for skilled labor led to low wages in the United States, but high unemployment in Europe.
A competitive firm’s cost of production is C(Q) = 16Q - Q2 + 4Q3. Draw this market demand curve on a diagram that includes the market supply function. Calculate the market equilibrium How much output does each individual firm produce in the market eq..
What does the size of the minimum efficiency scale of production imply about the following:
The firm ALFA is known around the world for its high-quality watches, and they sell for a unit price of $9,000. However, ALFA are seeing the emergence of Asian ALFA-copy-products in their market as an increasing problem. What will the consumers’ will..
A corporate expects to receive $34101 each year for 15 years if a particular project is undertaken. There will be an initial investment of $101962. The expenses associated with the project are expected to be $7654 per year. Assume straight-line depre..
A company deposits $1000 in a bank at the beginning of each year for 15 years. The account earns 6% interest, compounded every 6 months. What is in the account at the end of 15 years?
In addition to the previous question, assume 2 probability of risk lines pertaining to two different individuals. Justise' probability of risk line is higher than Hasan's probability of risk line. What can you conclude? If the medical quantity demand..
If there were only one seller, illustrate what would be the equilibrium price and quantity.
How long will this discount change the consumer surplus and producer surplus? Will Big Top be more efficient by offering the discount to children?
What happens if the FOMC members DISAGREE on what to do with Monetary Policy? How is a compromise or resolution reached?
With a required reserve ratio of 20%, explain in detail how an Open Market Purchase of $100,000 leads to an expansion in the money supply. I would like you to describe (at least) four different "rounds" in this process. By how much does the money sup..
If this price floor is implemented, how many units of pork will the government are forced to buy to keep the price at $2.25.
Describe the factors that influence the reliability of time-series forecasts. Under what circumstances would a time-series model offer a fairly reliable forecast?
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