ECON 101 Study Guide - Deadweight Loss, Economic Surplus

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13 Jul 2014
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ECON 101 Full Course Notes
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Practice problems # 3 (chapters 7 - 9: market research has revealed that demand for labor in vancouver is given by w. = 200 5l and the supply is given by w = 5 + l, where w = wage rate and l = Labor hour: calculate the equilibrium w and l of this market, the government thinks that the equilibrium wage is too low and wants to protect the workers by setting minimum wage at /hr. They argued that this tax would both raise tax revenue and raise employment in bc. Show this with the help of diagrams: consider a country that imports a good from abroad. For each of the following statements, say whether it is true or false. Demand is given by q = 30 0. 5 q: suppose that the evidence shows that the merger is forecast to raise prices by 15 percent.

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