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- Economics of Education. The issue of education is quite critical. The demand for education by society is high.On the other hand, it is demanded that the schools only charge low tuition fees since schools serve a socialfunction. Thus, more often than not, tuition fee ceilings are imposed to assure students of lower prices for this“commodity”. Two common solutions are proposed to address the likely problem of excess demand foreducational services (ES) in the event of a tuition fee ceiling is imposition: (i) operation of public schools (e.g.,free public high school); (ii) government subsidy to private education.Find the solutions to the problems below: where:D = demand for educational servicesS = supply of educational servicesTF or P = tuition fee or price of education (‘000 pesos)Q = quantity of educational services expressed in ‘000 studentsavailing themselves of such services Suppose we let: S: TF or P = 1 + 0.5 QD: TF or P = 15 – 2Qa. Solve for the equilibrium price and quantityThe market for low-skilled workers is highly competitive, due to the high numbers of low skilled individuals. If the labor supply is given by the equation QS = 10W and measured per hour, and the demand for labor is given by the equation QD = 240 − 20W. Where Q measures the quantity of labor hired (in thousands of hours). Answer the following: (a) At the market equilibrium what is the going wage rate and quantity of low-skilled labor being employed? (b) If the union successfully forces a minimum wage increase of $9 per hour, at the new market equilibrium what will be the new quantity of labor hired and the quantity of any excess (demand or supply) of labor? (c) At the $9 minimum wage how much deadweight loss is created? (d) After the implementation of the $9 minimum wage, in terms of surplus how much better off are low-skilled workers and how much worse off are employers? (e) If the minimum wage is set at $11 rather than $9 how does the deadweight loss and surplus change?An increase in the minimum wage reduces the totalamount paid to the affected workers if the priceelasticity of _________ is _________ than one.a. supply; greaterb. supply; lessc. demand; greaterd. demand; less
- Demonstrate the effectiveness of the self-test kit price ceiling policy。Which of the following would economists expect to happen in a state that imposes a binding cap (or quota) on the number of licenses available for manicurists and enforces that manicurists must have an occupational license? Group of answer choices There is a decrease in the number of manicurist jobs and the price of getting a manicure decreases There is an increase in the number of manicurist jobs and the price of getting a manicure decreases There is an increase in the number of manicurist jobs and the price of getting a manicure increases There is a decrease in the number of manicurist jobs and the price of getting a manicure increasesThe minimum wage is typically set above the market-clearing wage in the market for labor. Using a graph with an upward-sloping supply of labor, a downward-sloping demand for labor, with the quantity of labor measured on the horizontal axis and the wage rate on the vertical axis, show the effect on the labor market of a minimum wage set above the equilibrium wage rate. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- A company called Tramlaw has become the only employer in the local market for retail labor. The marginal value (extra profit before wages) of hiring an additional worker-hour is ?? = 60 − ?, where ?? is marginal value and ? is the hours of labor worked. The supply of workers is given as ? = ? 2 , where ? is the wage (the price of labor). Assume Tramlaw pays all retail workers in this market the same wage. For parts (a) and (b), ignore the numbers and equations (though you could use the equations as hints). a. Explain in words why Tramlaw’s marginal cost of hiring an additional worker-hour is higher than supply, which represents the marginal cost to the worker of providing an additional hour of labor. b. Draw a market diagram of Tramlaw’s local labor monopsony, including marginal value (MV), supply (S), and marginal cost (MC). Graphically indicate the monopsonist’s profit-maximizing quantity of labor ??, wage ??, the efficient quantity of labor ? ∗ , and any deadweight loss (DWL)…The wage an employer will pay is limited by Question 4 options: how much the employer likes the worker. the marginal revenue product of labor. the wage other employers pay. none of the aboveAll of Ruritania’s domestic energy needs are met through nuclear fission. Energy production isthe responsibility of a Government-owned company named Umbrella Corp.To generate energy, Umbrella Corp uses uranium. The uranium is supplied by OCP that mines itin the town of Zenda where it is the sole employer. For reasons of state OCP can only sell whatit extracts to Umbrella Corp. As OCP is the only employer in Zenda it is a monopsonist in the labor market, while UmbrellaCorp is a monopsony when it buys uranium from OCP. To mine one kilogram of uranium a day, OCP needs one unit of labor. The supply of laborif it pays a wage of w florins is given by S(w) = 2w. Each kilogram of uranium that Umbrella Corp. buys from OCP can be used to produce 360,000kilowatt-hour of energy. In addition to the purchase price of uranium, Umbrella Corp incurs anadditional unit cost of 35,800 florins per kilogram of uranium used for energy production. The energy produced is then sold by Umbrella Corp to consumers…
- The Geneva Watch Corporation manufactures watches on a conveyor belt with six stations. One worker stands at each station and performs the following tasks:Workers get paid $10 per hour. You can ignore any idle time of workers resulting from the beginning or the end of the day. a. What is the labor content? b. Assume a demand rate of 50 watches per hour. What is the takt time? c. Assume a demand rate of 50 watches per hour. What is the target manpower? d. An external supplier suggests shipping the battery module with preinstalled batteries, thereby eliminating the need for step 10. How would that impact process capacity? e. How could you increase the capacity of the process by rebalancing it?demand function : pq+p=10.000 p is price and q is quantity. dq/dp=? a. 1-q/-p b. -1-q/-p c. -1-q/p d. 1-q/pThe deadweight loss associated with a tax on labor income is higher if the supply of labor is relatively ________. a. elastic b. inelastic c. elastic or inelastic as elasticity does not influence deadweight loss.
