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Difference between pareto efficiency and pareto Improvement with the help of Edgeworth box diagram
8. A case study in this chapter discusses the fed- eral minimum-wage law.
a. Suppose the minimum wage is above
the equilibrium wage in the market
for unskilled labor. Using a supply- and-demand diagram of the market for unskilled labor, show the market wage, the number of workers who are employed, and the number of workers who are unem- ployed. Also show the total wage pay- ments to unskilled workers.
b. Now suppose the secretary of labor proposes an increase in the minimum wage. What effect would this increase have on employ- ment? Does the change in employment depend on the elasticity of demand, the elas- ticity of supply, both elasticities, or neither?
c. What effect would this increase in the mini- mum wage have on unemployment? Does the change in unemployment depend on the elasticity of demand, the elasticity of supply, both elasticities, or neither?
From the given Demand schedule for air tickets, calculate elasticity of demand
Price of Air Quality Ticket (Per ticket) (Tickets per month)
100000 5000
120000 3500
Elaborate the term elasticity of supply and explain any three factors that determines elasticity of supply
Draw the indifference curve for someone deciding how to allocate time between work and leisure.
Elaborate the term total revenue and marginal revenue also calculate TR & MR in the given table
Price Output Total Revenue Marginal reve
20 1
18 2
16 3
14 4
12 5
Assume that a consumer consumes two commodities X and Y and makes five combinations for the two commodities
Combinations. X. Y.
A. 25. 3
B. 20. 5
C. 16. 10
D. 13. 18
E. 11. 28
Calculate marginal rate of Substitution and explain the answer.
How much money will need to invest today if it will be compounded bi-monthly with the rate of 6 % and will be withdrawn in 3 years? The amount of money after three years is ₱35425.
Compute the total interest of a money worth ₱2500 after 7 months if is based on simple interest with the rate of 11%.
Find the amount of ₱13450 after 5 years if it will be considered compounded semi annually at the rate of 9%.
The economy is at full employment. now the government wants to change the composition of demand towards investment and away from consumption without, however, allowing aggregate demand to go beyond full employment. what is the required policy mix? use the IS-LM diagram to show your policy proposal
where did the 100 came from??CPI 2016 base year
