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Price Elasticity and Unemployment
You work for an unemployment agency that distributes unemployment checks to unemployed workers in your state. Your boss recently learned that the President proposed a 21% increase in the minimum wage and wants you to provide her with an estimate of the number of additional workers who will file for unemployment compensation claims next year if the bill passes. Based on library research at a nearby university, you learn that about 200,000 workers in your state earn at or below the current minimum wage. Further library research turns up a study that reports the own price elasticity of demand for minimum wage earners to be -0.30. Based on your findings, how many additional workers do you think will file unemployment claims in your state?
Assuming individuals hold no cash (all cash is in bank vaults as reserves), calculate the simple money supply from the following reserves requirements and deposits in the systems. 5 Points each, 30 points subtotal
Calculate the price elasticity of demand for the product below using average values for the prices and quantities in your formula.
Assume labor is the only cost of production and labor coefficients (hours of labor required per unit of output) in MACONDO and KRYPTON for each good are as follows:
Suppose that workers and firms could always predict next year\'s price level with perfect accuracy.
Suppose there are 10 consumers in the industry. Each has the following demand: p = 10 - q-Calculate aggregate demand and aggregate supply in the market.
Assuming a linear demand relationship determine the demand equation for cigarettes. Show all your calculations. Determine the nature of the Return to Scale as exhibited by the above production function.
What elasticity of demand did the Village Administrator seem to assume here in his prediction for 1970- 1971? Compute the approximate elasticity of demand (round off, two decimal places is close enough).
What is the difference between contractionary and expansionary monetary policy?
Government needs to eliminate the gap by changing expenditures. What policy would you suggest.
A scientist wants to determine the half-life of a certain radioactive substance-Based on the data, what is the half-life?
Illustrate the impact do natural resources have on economic growth. Will it be possible for a country with few natural resources to grow rapidly.
Describe the US household is harmful to the economy with the use of AS-AD diagrams.
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