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- Iln Smalltown, Pennsylvania the demand function for men's haircuts is given by Qd = 500 – 30p + 0.08Y, where Qd is quantity demanded per month, p the price of a haircut and Y the average monthly income in the town. The supply function for men's haircuts is Qs = 100 + 20p – 20w, where Qs is the quantity supplied and w the average hourly wage of barbers. Assume that Y increases to $6,500 and w increases to $12. Use Excel recalculate Qd, Qs, and Excess Demand and answer the following questions. when P=$10. 2. Find Qs = when P=$20. 3. Find Excess Demand = when P=$10. 4. The equilibrium price (or rounding to the nearest whole number) is $ _. units. 1. Find Qd and the equilibrium quantity isWhat is the formula for the wage elasticity of labor supply?Explain how the relationship between elasticity of demand for the product and labor would affect your major or specialization while you are studying at a higher education institution.
- 11. Calculating the price elasticity of supply Nick is a volunteer fire fighter living in Chicago who coaches youth soccer to supplement their normal income. At an hourly wage rate of $15, they are willing to coach 5 hours per week. Upping the wage to $25 per hour, they are willing to coach 14 hours per week. Using the midpoint method, the elasticity of Nick's labor supply between the wages of $15 and $25 per hour is approximately means that Nick's supply of labor over this wage range is , whichAre California businesses suffering from the new $15 minimum wage?When excess demand exists for tickets to a major sporting event or a concert, profit opportunities exist for scalp-ers. Explain briefly using supply and demand curves to illustrate. Some argue that scalpers work to the advantage of everyone and are “efficient.” Do you agree or disagree? Explain briefly
- Say that the marginal revenue brought by hiring a worker is at P600/day, and the minimum wage is P537/day, what should the firm do?what is the easiest and simplest way to do this cost minimization problem for substitutes (and graph if you can)(b) Identify the profit-maximizing wage rate that Molly's Motorcycles will pay its mechanics. Explain using the labeling on the graph.
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