What is the difference between a change in quantity demanded and a change in demand?  Suppose the State of Maryland decrees a minimum wage of $15 an hour. What would be the effect of such legislation on the demand for labor? the supply of labor? and on wages?

3. Breezy Point Lodge sits alongside Big Pelican Lake in northern Minnesota. It's surrounded by breathtaking acres of woods and water, and features lots of family activities to enjoy all year long, like golf, tennis, water sports, fishing, snowmobiling and cross-country skiing. Like many vacation resorts, Breezy Point has discovered the advantages of offering its services on an annual membership or "time-sharing" basis. To illustrate, assume that an individual vacationer's weekly demand curve can be written:

P = $5,500 - $2,000Q,

where P is the price of a single week of vacation time, and Q is the number of weeks of vacation time purchased during a given year. For simplicity, assume that the resort's marginal cost for a week of vacation time is $1,000, and that fixed costs are nil. This gives the following total and marginal cost relations:

TC = $1,000Q,

When an economy is open up for more trade are there workers that are affected negatively? If so then what government policies might be enacted? Please explain in detail with any reference or citations. Thanks

1. How did the cartels in Latin America manage to limit the flow of drugs in different markets?
2. Why is the drug trade is so profitable for illicit drug dealers?
3. What is money laundering? How would drugs gangs do money laundering?

The response time (in seconds) was determined for three different types of circuits that could be used in an automatic valve shutdown mechanism. The results are provided in the table below:

Construct a set of orthogonal contrasts, assuming that at the outset of the experiment you suspected the response time of circuit type 2 to be different from the other two. ii. If you wished to minimize the response time, which circuit type would you select? iii. Analyse the residuals from this experiment and comment on whether the assumptions of analysis of variance are satisfied.

    2. Who benefits from specialization in care labor within the family?

A. Are there efficiency advantages gained where men and women in particular activities, women in care labor and men in market work?

B. Are there distributional advantages where men or women benefit by focusing on market labor or care labor respectively

Q21. A game theorist is walking down the street in his neighborhood and finds $20. Just as he picks it up, two neighborhood kids, Mark and Nancy, run up to him, asking if they can have it. Because game theorists are generous in nature, he says he’s willing to let them have the $20, but only according to the following procedure: Mark and Nancy are each to (independently) submit a written request as to their share of the $20. Let m denote the amount that Mark requests for himself and n be the amount that Nancy requests for herself. m and n are required to be chosen from the interval [0, 20]. If m + n ≤ 20, then the two receive what they requested, and the remainder (20 - m - n) is split equally between them. If, however, m + n > 20, then they get nothing, and the game theorist keeps the $20. Mark and Nancy are the players in this simultaneous-move game. Assume that each of them has a payoff equal to the amount of money that he or she receives. Find all Nash equilibria for this game.

The Cronch Café, located at the Gulf of Mexico, has an increase in business during the summer vacation season. The owner hires a large number of servers as seasonal help. When he interviews a prospective server, he would like to provide data on the amount a server can earn in tips. He believes that the amount of the bill and the number of diners are both related to the amount of the tip. He gathered this sample information. 1) Develop a multiple regression equation with the amount of tips as the dependent variable and the amount of the bill and the amount of diners as independent variables. Write out the regression equation. How much does another diner add to the amount of the tips? 2) Conduct a global test of hypothesis to determine if at least one of the independent variables is significant What is your conclusion? 3) Conduct an individual test on each of the variables. Should one or the other be deleted? Plot the residuals against the fitted values. Is it reasonable to conclude they are random?

1) Suppose Peggy consumes only two goods, gasoline and cigarettes. Her income is $120, the price of cigarettes per pack is $4 and the price of gasoline per gallon is $2. Currently, she consumes 40 gallons of gas at optimal level.

a) Sketch the following budget lines. Be sure to show how you calculated the slopes and end points. (Put gas on the X axis.).

b) What is optimal level consumption of cigarettes for Peggy? Use an arbitrary convex indifference curve, indicating the current consumption combination is optimal.

c) If the government imposes a sales tax of $1 per unit on gasoline, Peggy will consume 28 gallons of gas. Draw the new budget constraint and the new optimal basket. Be sure to show how you calculated the slopes and end points. (Put gas on the X axis.).

d) What is optimal level consumption of cigarettes for Peggy? Use an arbitrary convex indifference curve, indicating the current consumption combination is optimal.

What are specific features of underdeveloped countries? Consider the agriculture and services sector, schooling, population growth, mortality, life expectancy etc.

On December 16th, 2015, FED decided to raise first time the record low target rate of federal reserve fund from 1/4% to 1/2%.

On December 14th, 2016, Fed decided to raise the second time the federal fund rate from 1/2% to 3/4%.

On March 15th, 2017, Fed decided to raise the federal fund rate from 3/4% to 1%.

On June 14th, 2017, Fed decided to raise the federal fund rate from 1% to 1.25%.

On December 13th, 2017, Fed decided to raise the federal fund rate from 1.25% to 1.5%.

On March 21st, 2018, Fed decided to raise the federal fund rate from 1.5% to 1.75%.

On June 13th, 2018, Fed decided to raise the federal fund rate from 1.75% to 2%.

On September 26th, 2018, Fed decided to raise the federal fund rate from 2% to 2.25%.

On December 19th, 2018, Fed decided to raise the federal fund rate from 2.25% to 2.5%.

On July 31st, 2019, Fed decided to cut the federal fund rate from 2.5% to 2.25%.

On September 18th, 2019, Fed decided to cut the federal fund rate from 2.25% to 2%.

On October 30th, 2019, Fed decided to cut the federal fund rate from 2% to 1.75%.

Fed agrees that economic recovery is sound, Also Fed feels that the job market is strengthening, but the long term inflation signs still stabilized. Now Fed feel it is not necessary to maintain such accommodating easy monetary policy including very low interest rate until unemployment improves further and inflation rate goes up to 2.0%.

Fed decided that the size of the mortgage bond purchase as QE policy was winding down on October 2014 as the economy continues to improve.

The future rate hike will be gradual, depending upon the upcoming economic indicators.

1) What's your opinion about the Fed policy decision by next FOMC meeting?

2) Do you feel that this near-zero interest was a necessary one, or may not work to save declining economy, due to liquidity trap? or can we be back in double-dip recession due to too early exit strategy by the FED's tight monetary policy?

3) Are you concerned about the inflation come back due to such easy monetary policy with zero interest rate for long time? if so, how fast is the Fed supposed to tighten its monetary policy as an normalizing strategy?

4) Will the new president's proposal of spending increase on infrastructure and defense as well as tax cut on corporate income tax and individual income tax may overheat US economy to be inflationary? if so, will it cause Fed to speed up the rate hike? If Tariff over trade and possible retaliation could be inflationary, does it give another incentive for Fed to speed the rate hike?

5) Is there any risk that tight Fed policy may put the US economy back into another recession, if tight Fed policy is ahead of curve , although it is gradual tightening? Do you think the US will be in recession the next year(Year 2020)? Yes or No. Can You predict how many times Fed will raise FFR(federal fund rate) this year? or how many times FED will cut FFR due to trade issues and global slowdown?

1. HBO has MC=0 of giving someone access to their platform. Suppose there are two possible markets of people in the US, Movie Buffs and Movie Casuals. There are 50 of each. The demand of Movie Buffs for HBO is D(p)= 100 - 2p if p is greater than and equal to 25   and D(p)= 50 if p is less than 25. The demand of Movie Casuals for HBO is D(p)= 50- 2p
2. Calculate the market demand of both Movie Buffs and Movie Casuals for HBO. (It might help you to sketch the two demand curves separately and then sum them – but you don’t need to include that here.) D(P)=
3. 2. Suppose HBO faces the market demand curve you calculated in (a). Calculate HBO’s profit maximizing quantity and price,  and . (1pt)
   3. Calculate the profits of the monopolist (don’t worry about fixed costs). (1pt)
   4. A data gathering company “CMU Analytics” offers its service to HBO. Their algorithm can identify whether people fall into the Movie Buff category or the Movie Casual category.  This would allow them to sell to the two markets separately at different prices. What kind of price discrimination is this? (1pt)

Explain in a maximum of four sentences and in your own words, how Marginal utility per dollar can be used to derive a demand curve.

What are the components that you need to have from idea to the opportunity to create a business? Define what does it take to create business bring the product from idea to opportunity.

a. Production function can be defined as the transformation of scarce production resources into different types of goods and services meant to satisfy human wants. Given the following production function of the general form;

                y = f (x),

i.      Draw this production function showing its relationship with the Marginal and Average productivity curves.

                ii.     Clearly indicate the stages that portray the different efficient use of production resources and comment on each one of them.

                iii.    Specify which of the stages indicated in the question above is the economic stage of production and explain why?

                iv.   Define the above stages of production in terms of their elasticity of production.

                v.    Explain where diminishing returns begin?

b. The production of goods and services require the use of inputs or what is sometimes referred to as factors of production. The relationship between inputs and outputs is mathematically summarized in a production function. Given the production function below;

                y = 70 + 2x – 0.02x²

Derive the exact equations for; Marginal Physical Product MPP and Average Physical Product APP.