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Draw demand-supply graphs of the labor markets for high-skilled and low-skilled labor to explain what happens to the equilibrium wage rate of low-skilled labor.
What does the data in the news clip tell us about the wealth Lorenz curve and the way it changed during the Great Recession?
If the people whose market incomes are taxed cut their work hours and their market incomes fall. What is the distribution of income after taxes and benefits?
If the cost of administering the redistribution scheme takes 50 percent of the taxes collected, what is the distribution of income after taxes and benefits?
Calculate the distribution of income after taxes and benefits and draw the Lorenz curve (i) before taxes and benefits and (ii) after taxes and benefits.
Rich-poor gap worries Chinese planners In 1985, urban Chinese earned 1.9 times. Explain how the Lorenz curve in China changed between 1985 and 2007.
A California asparagus farmer is maximizing profit. What is the marginal product of the sixth farm worker?
What is the marginal product of the coffee shop workers? How much does a coffee shop worker earn?
Explain how the value of marginal product and the number of workers hired will change.
Draw a graph to show the change in the land market from 1969 to 2007. Explain the effects of the moratorium on the Bethel land market.
Draw a graph to show the Bethel labor market in 2007. Explain the effects of the moratorium on the Bethel labor market
Hong Kong is much more densely populated than is the United States. Compare the rent on land in Hong Kong with that in Chicago.
Suppose that Bananaland is the world's largest grower of bananas. Explain the influence of these events on Bananaland's labor market and land market.
Draw a demand-supply graph to illustrate the effects of this increase in the number of seniors on the market for medical services.
Robots on the farm Commercial farms of the future may be staffed by robots that will identify. Explain how using robots will create better paying farm jobs.
How will the use of robots change the value of marginal product of farm workers?
Explain the effects of not enough itinerant workers at harvest time on the market for farm labor.
Explain the influence of these events on Palm Island's labor market and land market.
If your college switched to online delivery of its courses, what changes do you predict would occur in the factor markets in the town where your college is loca
Describe the price-fixing scheme as the equilibrium outcome of an oligopoly cartel game played by the airlines. Explain why the cartel survived.
Explain how the price-fixing scheme benefited the airlines and imposed costs on consumers.
Sketch a graph to illustrate the effects of the FCC's new regulations on the price, quantity, consumer surplus, producer surplus, and deadweight loss.
Draw a graph to illustrate the effects of the FCC's new regulations on the price, quantity, consumer surplus, producer surplus, and deadweight loss.
What barriers to entry exist in the cable television market? Are high cable prices evidence of monopoly power?
Hawaii Cable Television is a natural monopoly. Sketch a market demand curve and the firm's cost curves. Use your graph to work Problems.