The accompanying figure depicts the market for unexperienced low skill labor. Suppose an effective price floor is set at w=$12/hour. Describe the impact on workers and on the efficiency of the labor market in general by answering these questions, with explanations. a) What is the change in the number employed? b) What is the change in the total amount paid to unskilled labor? c) How much lower is total surplus in the market with the price floor than without it? In this case, employers are the consumers and workers the suppliers of labor services. For now, assume no time is wasted by workers competing for the limited number of jobs. d) Since there are more workers trying to land fewer jobs, some mechanism has to sort them into employment or unemployment. Assume they compete for jobs by standing in line, or accepting poorer working conditions, or similar personally costly activities. Assume workers with the most to gain (biggest difference between what they would willingly accept and the $12 they are actually paid) get the jobs. What is the value of resources wasted on competition for these jobs instead of devoted to productive uses?

Proportion of us adults who own a cell phone. in a survey of 1006 us adults in 2014, 90% said they had a cell phone.1

The following balance sheet for the los gatos corporation was prepared by a recently hired accountant. in reviewing the statement you notice several errors. los gatos corporation balance sheet at december 31, 2018 assets cash $ 44,000 accounts receivable 86,000 inventories 57,000 machinery (net) 122,000 franchise (net) 32,000 total assets $ 341,000 liabilities and shareholders' equity accounts payable $ 54,000 allowance for uncollectible accounts 7,000 note payable 59,000 bonds payable 112,000 shareholders' equity 109,000 total liabilities and shareholders' equity $ 341,000 additional information: cash includes a $22,000 restricted amount to be used for repayment of the bonds payable in 2022. the cost of the machinery is $194,000. accounts receivable includes a $22,000 note receivable from a customer due in 2021. the note payable includes accrued interest of $7,000. principal and interest are both due on february 1, 2019. the company began operations in 2013. income less dividends since inception of the company totals $37,000. 52,000 shares of no par common stock were issued in 2013. 200,000 shares are authorized. required: prepare a corrected, classified balance sheet. (amounts to be deducted should be indicated by a minus sign.)

Suppose life expectancy in years (l) is a function of two inputs, health expenditures (h) and nutrition expenditures (n) in hundreds of dollars per year. the production function is upper l equals ch superscript 0.40 baseline upper n superscript 0.60l=ch0.40n0.60. beginning with c = 1, a health input of $400400 per year (hequals=44) and a nutrition input of $400400 per year (nequals=44), show that the marginal product of health expenditures and the marginal product of nutrition expenditures are both decreasing. the marginal product of health expenditures when h goes from 44 to 55 is nothing, and the marginal product of health when h goes from 66 to 77 is nothing. (round your answers to three decimal places.)