The impact of tariff on the imports.

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1. Comment on the following ideas. You can say if they are true, false, or uncertain and argue your answers. a) Producers in competitive markets have incentives to reduce the quality of their products and the safety of their workplaces and to cheat consumers and workers generally. b) Labour unions raise the wages of all workers. c) Increasing the minimum wage will reduce employment in every type of market d) In a monopoly market, the demand for good Q shifts to the left, declining Q's price. However, because the monopoly short-run equilibrium is different from the perfect competition equilibrium, its demand for labour is unaffected.

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Question

Chapter 9, Problem 4CQQ

To determine

The impact of tariff on the imports.

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1. Comment on the following ideas. You can say if they are true, false, or uncertain and argue your answers. a) Producers in competitive markets have incentives to reduce the quality of their products and the safety of their workplaces and to cheat consumers and workers generally. b) Labour unions raise the wages of all workers. c) Increasing the minimum wage will reduce employment in every type of market d) In a monopoly market, the demand for good Q shifts to the left, declining Q's price. However, because the monopoly short-run equilibrium is different from the perfect competition equilibrium, its demand for labour is unaffected.

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Question One a) Calculate the determinant of matrix A. Show your work in steps: A = 2013-2 - -2 1 3 2 -1 1 0 1 2 3 3-12 4 -3 1 1 3 2 0 b) Prove row linear independence is necessary and sufficient to column linear independence in the same matrix. c) Derive the inverse matrix of matrix B. Show your work in steps: [3 20 01 4 300 B = 0 0 6 5 LO 0 7 6]