Microeconomics College Research Paper Example | Topics and Well Written Essays - 2750 words

Microeconomics College - Research Paper Example b. level of unemployment: the level of unemployment is the number of workers minus the equilibrium employed workers, this will be (12,000 - 7,000)/ 12,000 * 100 = 41.67% c. minimum wage is set at 11 per hour, Waiters will work for 6000 hours per month d. minimum wage set at 11 per hour Unemployment: (12,000 - 6000)/ 6000 * 100 = 50% e. minimum wage at 12 per hour: Unemployment: (12,000 - 8000)/12,000 * 100 = 33.33% Employment: (6000/10000)*100 = 60% f. minimum wage is set at 12 per hour and demand decreased by 2,000 Wage rate to waiters: The minimum wage will be 12 per hour, however the new equilibrium will be be at 11 dollars per hour. Hours of labor unemployed: The employment will be 6000; therefore the unemployment is 6000 hours. CT 1(text, p151) Effect of education on files downloaded each week. The film industry is concerned with the effect of adoption of broadband internet that allow users to download pirated movies, the option is to reduce the number of pirated movies downloaded per week through education, therefore education is expected to reduce the number of pirated movies downloaded per week. CT 2 (text, p151) Imposing tax on downloaded movies: From the above chart it is evident that the a tax will increase the price of illegal downloads, the supply curve shifts from supply curve 1 to supply curve 2, as a result the equilibrium quantity will decline from Q1 to Q2. Chapter 9: P 12 (text, p222) a. average total cost plant 1 plant 2 plant 3 plant 4 1 7.5 6.25 6.363636 6.923077 2 5 5 5.333333 5.882353 3 3.846154 4.66666667 5 5.5 4 4.615385 4.70588235 5 5.454545 b. long run cost curve: c. economies of scale: Economies of scale are realized for the range 60 to 75 units produced. d. number of ovens: the long run average cost curve depicts... Water is a resource and from the article it is evident that the supply level is 23 gigaliters per year, in order to allocate water economically in such a way that we get the water back than the water will come from the lowest value uses, this statement means that the lowest value water users should be discouraged to use the water and the highest value water users encouraged to use the water, therefore the there will be a reduction in the water available to the lowest value water users. From the above table in order to get the water back there should be a reduction in the water used by the lowest value users and this can only be achieved through the increase of the price of water per liter which can be done through taxation. The film industry is concerned with the effect of adoption of broadband internet that allow users to download pirated movies, the option is to reduce the number of pirated movies downloaded per week through education, therefore education is expected to reduce the number of pirated movies downloaded per week. From the above chart it is evident that the a tax will increase the price of illegal downloads, the supply curve shifts from supply curve 1 to supply curve 2, as a result the equilibrium quantity will decline from Q1 to Q2. the long run average cost curve depicts the average cost of production as the firm expands, from the above the long run will help realization of economies of scale and th