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What is meant by minimum wage?
The minimum wage is the minimum rate a worker can legally be paid (usually per hour) as opposed to wages that are examined by the forces of supply and demand in a free market. In most cases, the minimum wage acts as a price floor. Every country sets its own minimum wage laws and regulations, and most of the countries have no minimum wage.
What is consumer surplus? What is its significance and what causes it to change?
John has a utility function given by U(M) = M0.5, where M represents an amount of cash prize in a game. If John wins, with the probability of 0.2, he will get $900; otherwise, he g
The table shows the demand schedule of Taylor Swift’s concert ticket. Draw the demand curve for her concert ticket
monetary policy
Question: (a) Explain the factors that contributed to the adoption of structural adjustment programme by a majority of Least Developed Countries in the 1980s? (b) Describe t
math question
Show that a pulsed spherical wave has a complex wavefunction of the form U(r,t) = (1/r)a(t-r/c) where a(t) is an arbitrary function. An ultrashort optical pulse has a complex wavef
Structure of the IMF: The Central office of the IMF is in Washington DC, USA. It has 184 members. It is affiliated to the UNO. The highest authority of the IMF is the Board of
A consumer purchases food (X) and clothing (Y). Her utility function is given by: , income is $100 and the price of food is $1 and the price of clothing is Py. a. Derive the equ
summary of general equilibrium
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