This homework is on Efficiency
Government in the marketplace and Global Market in Action
I will need this done within a one hour time frame on 3-3-22. The timeframe is 1:40-2:30
1.What is the equilibrium wage rate and how many Starbucks workers are employed?
if California introduces a minimum wage of $14 an hour, how many Starbucks are
employed and how many are unemployed?
2. Using the diagram below.
If California introduces a minimum wage of $18 an hour, how many Starbucks employee
are employed and how many are unemployed?
what is the lowest wage that some employee might be able to earn if a black market
3.Is the minimum wage of $18 an hour efficient? who gains and who losses from the
minimum wage of $18 an hour? is it fair?
4.Calculate the Consumer Surplus using the diagram below
5.Calculate the Producer Surplus
6.Given a price ceiling of $400. Calculate the new consumer surplus
7.Given a Price ceiling of $400. what is the new producer surplus
8.Given a price ceiling of $400. what is the deadweight loss