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e-lub [12.9K]
3 years ago
11

The minimum wage is increased from $7.25 to $9.00 per hour. Calculate the elasticity of demand for fast food workers over the re

levant portion of the demand curve using the simple formula. Throughout your calculations round to two decimals.

Business
1 answer:
deff fn [24]3 years ago
4 0

Answer:

As the question was not complete. I have attached the complete question in the attachment. Please refer to attachment.

Explanation:

<em>By using, LD = 95- 3w and w1 = 7.25 and w2 = 9. We get, </em>

<em>LD1 = 95-3(7.25) = 73.25 </em>

<em>LD2 = 95-3(9) = 68 </em>

Elasticity = Change in labor demand/ change in wage rate = ((68- 73.25)/ 73.25)/ ((9-7.25/7.25)) = -0.33

The 11 percent change in the wage rate causes, 33% change in labor demanded, as shown by the elasticity, the labor demand decreases with increase in wage rate.

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3 years ago
Nunavet Ocean Cruises sold an issue of 12-year ​$1,000 par bonds to build new ships. The bonds pay​ 4.85% interest, semi-annuall
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Answer:

bond market value $660

Explanation:

We need to calculate the present value of the maturity and the cuopon payment using the effective rate of 9.7%

First we do the annuity:

C \times \frac{1-(1+r)^{-time} }{rate} = PV\\

C  24.25  (1,000 face value x 4.85 bond rate / 2 )

time  24.00 (12 year 2 payment a year)

rate  0.04850 (current rate divide by 2 to get it annually)

24.25 \times \frac{1-(1+0.0485)^{-24} }{0.0485} = PV\\

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Then present value of the maturity

\frac{Maturity}{(1 + rate)^{time} } = PV  

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time   24.00

rate   0.04850

\frac{1000}{(1 + 0.0485)^{24} } = PV  

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Finally we add them together:

PV coupon payment $339.5545

PV maturity  $320.8910

Total $660.4455

rounding to nearest dollar

bond market value $660

7 0
3 years ago
On December 1, 2020, Bramble Corporation incurs a 15-year $1300000 mortgage liability in conjunction with the acquisition of an
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The portion of the second monthly payment made on January 31, 2021, which represents repayment of principal is $15600.

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A current liability for

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2 years ago
Item weight is the:______________. 1. Measure of how much consumers demand a particular item. 2. Percentage of the typical consu
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Answer:

2) Percentage of the typical consumer budget spent on the item.

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