Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
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Question
Chapter 15, Problem 9E
To determine
To explain:
Opinion on sticky wages. Also, explain the waythe study should be designed to research about the stickiness of the wages.
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Everything is in the attached picture. 22
Everything is in attached picture. 23
1) Use the supply and demand schedules to graph the supply and demand functions.
Find and show on the graph the equilibrium price and quantity, label it (A).
P
Q demanded
P
Q supplied
0
75
0
0
5
65
5
0
10
55
10
0
15
45
15
10
20
35
20
20
25
25
25
30
30
15
30
40
35
40
5
0
35
40
50
60
2) Find graphically and numerically the consumers and producers' surplus
3) The government introduced a tax of 10$, Label the price buyers pay and suppliers
receive. Label the new equilibrium for buyers (B) and Sellers (S). How the surpluses
have changed? Give the numerical answer and show on the graph.
4) Calculate using midpoint method the elasticity of demand curve from point (A) to (B)
and elasticity of the supply curve from point (A) to (C).
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