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Suppose the supply of labor is given by LS = 10w , where LS is the quantity of in millions of persons employed each year, and w is the wage rate in dollars per hour. The demand for labor is given by LD = 80 - 10w .
(a) What will be the free-market wage rate and employment level? Suppose the government sets a minimum wage of $5 per hour. How many people would then be employed?
(b) Suppose that instead of a minimum wage, the government pays a subsidy of $1 per hour for each employee. What will the total level of employment be now? What will the equilibrium wage rate be?
How does a government budget surplus affect the U.S. economy? Identify two periods in recent history in which the United States has run budget surpluses. What were the reasons for the surpluses during those time periods?
Explain how much will your firm's total revenues (revenues from both products) change if you increase the price of good X by 1 percent.
You are the Benefits Manager for ABC Corporation. The company has grown considerably from a small family-owned business. It has never had a paid vacation policy in the past, and you need to establish one.
Accounting profit is: A variable cost is one that changes: In the short run, which of the following is likely to be a variable cost to a physician? Production of Hollywood movies is an increasing cost industry. Which of the following contributes the ..
Elucidate how a firm's production function is related to its marginal product of labor, how a firm's marginal product of labor is related to the value of its marginal product.
Which of the subsequent companies has recently been used by the federal government for monopoly practices
q1. besides elections and campaigns do the major political parties influence public values and ideas? do you think
the government implements a 25% tax on labor income as a way to raise revenue. Calculate the excess burden resulting from this tax, and illustrate your answer with a graph
Which of the following statements best reflects the macroeconomic advice of the great economist John Maynard Keynes?
Classify the following Wall Street Journal articles as involving macroeconomic or microeconomic issues based on their titles:
q1. least degree of confidence in an economic generalization?q2. what is example of propaganda?q3. a. assume the
at an annual general inflation rate of f . Also, i = 9%. What is the amount A in actual dollars equivalent to A’ = $1,000 in constant dollars? Please provide step by step detail.
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