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Chapter 4: Q. c (page 81)
How might California cities alternatively have developed a rationing-by-queues approach using the internet?
Using real-time settlements system
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Why do you think that economists seek to study prices measured in terms of dollars per unit as measured, say, by weight or by volume rather than by prices per package or per container? Explain your reasoning.
Consider the diagram below,which depicts the labor
market inacity that has adopteda"living wage law"
requiring employers to payaminimum wage rate of
\(11 per hour.Answer the questions that follow.
a.What condition exists in this city's labor market
at the present minimum wage of\)11 per hour?
How many people are unemployed at this wage?
b.Acity councilwoman has proposed amending
the living wage law.She suggests reducing the
minimum wage to\(9per hour.Assuming that
the labor demand and supply curves were to
remain in their present positions,how many
people would be unemployed atanew\)9
minimum wage?
c.Acouncilman has offeredacounterproposal.In
his view,the current minimum wage is too low
and should be increased to\(12 per hour.
Assuming that the labor demand and supply
curves remain in their present positions,how
many people would be unemployed atanew\)12
minimum wage?
In recent years, technological improvements have greatly reduced the costs of producing basic cell phones, and a number of new firms have entered the cell phone industry. At the same time, prices of substitutes for cell phones, such as smartphones and some tablet devices, have declined considerably. Construct a supply and demand diagram of the market for cell phones. Illustrate the impacts of these developments, and evaluate the effects on the market price and equilibrium quantity.
Why do you suppose that online dating companies provide each customer with only a small set of virtual roses to attach to date invitations?
Discuss the essential features of the price system
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