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Explain why an efficiency wage could help telecom companies to increase the productivity of repair techs.
The CIW supports a minimum wage for farm workers. Explain how the minimum wage would affect a farm's hiring decision.
Assume that workers value having health benefits. When the new law goes into effect, what will happen to the wage for farm labor at equilibrium?
Suppose a group of high school friends work at the same fast-food restaurant. Explain whether the manager will change her policy to avoid a walkout.
What would be the new employee's marginal product of labor? What is the value of that marginal product? Should the moving service hire a fourth worker?
Over time, what will happen to the average age in the population? Over time, what will happen to the size of the workforce?
Anna is indifferent between receiving $200 today or $230 in a month. What does this imply about her opportunity cost in the coming month?
Farah chooses $125 in three months. Explain why Farah is the one who delays payment even though Colton stands to earn more by waiting.
Give a rough estimate of how long it will take before you can access the money your aunt invested for you.
Suppose you are selling a piece of furniture to a friend who can't afford to pay you. What information do you need to calculate the present value of this offer?
If this happens, the company will lose its entire investment. Advise the company how to take this risk into account as managers evaluate whether to invest.
You were planning to study tonight, but your friend has ticket to a concert and has invited you to join her. Will you go to the concert? Explain why or why not.
Julia pays $500 for an insurance policy with an expected value of $120. Explain why this is a rational choice for Julia.
Workers like to protect against this risk with insurance. Identify and explain two problems that prevent insurance companies from offering layoff insurance.
Explain this phenomenon using economic concepts. Assume that customers who do not rent helmets also do not own helmets.
Your bank offers 3 percent annual interest on savings deposits. If you deposit $560 today, how much interest will you have earned at the end of one year?
If you deposit $500 in a savings account that offers 3 percent interest, How much money should you expect to have in the account at the end of three years?
How much will you owe at the end of two years? Assume no additional charges or payments are made.
If your savings have been earning an annual interest rate of 2 percent, compounded annually, what was the amount of your original deposit?
How would you expect McDonald's to set its prices in the short run? Describe the relationship between price, marginal revenue, and marginal cost.
Consider Jimmy Choo designer shoes. In what way does Jimmy Choo face many competitors? In what way does Jimmy Choo face no competitors?
Describe the relationship between price and average total cost. Does a restaurant earn economic profits?
Imagine that you have a program on your cell phone that allows you to walk up. Why does a firm selling goods in this setting need to advertise? Why or why not?
Why might the cost of advertising be relevant to a consumer's decision about which brand of a product to purchase?
Explain why the same profit-maximizing behavior for the individual firm leads to different levels of efficiency in these three types of markets.