What can be the level of employment and level of wage in free market?
its a 9 question assignment. details are given in the attached doc file
- Draw the supply and demand curves on the same graphic. What does a supply curve show us? What does a demand curve show us? (explain)
- Find the equilibrium price and its amount in the graphic you’ve drawn. Tell us why this point is a equilibrium point.
- Assume that authorities fixed the price as $5.00. Tell us what would happen according to your graph.
- Draw a graphic fort the each situation. Show us the initial equilibrium and its cost and amount. Then, Show us the changes of cost and amount as you shift the supply and/or demand. For each situation, expain the reasons that can cause such changes.
- Potato market P*↑ Q*↑
- Automobile market P *↓ Q*↓
- Greyfruit market P*↑ Q*↓
- Computer market P*↓ Q*↑
- According to a market research, here are some data for the chocolate product. The equation that shows us the demand curve is 1,600 – 300P, P and is the amount that is demanded, the equation that shows us the supply curve is = 1400 + 700P, is the amount that is supplied.
What is the equilibrium price? What is the amount of chocolate produced and chocolate consumed?
- Demand curve fort he salted peanuts is = 20000 – 5 P, in tons, P is the cost given for per tons. Find the price flexibility for the point of P = $800 .
- Tell us if these statements are true or false, with a couple of sentences. Please avoid repetitions.
- The demand curve for “Pepsi” is steeper than the demand curve for “all other soda brands”
- The (short term) demand curve for “Apple” is steeper than the (long term).
- If the %10 discount for pencil causes an increase of %1 demand for pencil, then the demand for pencil is elastic.
- If the demand is perfectly inelastic for the medicine called AZT, the increase fort he cost would increase the total revenue.
- Jennifer has mild choices. According to this, sort the baskets given in an order of choice. Explain.
- Some people supports minimum wage implementation. Assume that, the labor demand is . is amount of labor (the number of people in million), and w is the wage (the hourly money given). The demand for labor is
- What can be the level of employment and level of wage in free market?
- Assume that the minimum wage is $4 hourly. What could be the condition of employment? Could it cause a rise in unemployment? And how much it could be if it was so.
- People produce tea in Khazakstan for living. The supply and demand curves are given as (in tons) = 10 – (0.5)P and
- Its election time in Khazakstan. Government offers $10 for each ton of tea in order to collect votes. In that case, how much tea should govenment buy?
- Examine the effects over social welfare. (how wins and who looses?)
- What is the opportunity cost of completing this homework?