answer correctly pls

Do you believe that everyone who works deserves a "living wage?" There has been a recent push to raise the minimum wage to $15 an hour. Using the tools from the chapter and other outside sources discuss utilizing cost/benefit analysis the merits of the above proposal.

Research states or cities that have recently raised minimum wage. Ex. Seattle Washington

Please include the poverty line and requirements for benefits such as SNAP, Medicaid, and other government assistance programs. Teenagers do not qualify for these government programs if they live with their parents.

Take a hypothetical adult and set their wages at the poverty level and calculate how much gov't assistance they qualify for and whether you believe that is enough to live off of.

Suppose that you own a tennis club in an isolated wealthy community and hence you act as a monopolist. The market consists of 100 (identical) tennis players each with inverse demand p = 6 q, where p is the price per hour and q is court hours. Because you have plenty of courts, the marginal cost of court time is zero.

Suppose first that you set a uniform price per hour.

Find the aggregate demand for court hours. [Hint: Recall that all players are identical (that is, they all have the same demand) and there are 100 players.] (2p)

Find the number of court hours and price that maximize your profit. Find also your maximum profit and consumer surplus. (1p)

A friend tells you that you could earn higher profits by designing a more sophisticated pricing schedule.

Find the maximum total surplus that you can extract from each type of player.[Hint: Recall that to find this, you need to assume that the price is equal to the marginal cost (zero in this case).] (1p)

Can you think of a (more sophisticated) pricing schedule that would allow you to increase your profits? (1p)

Caribbean economies are said to be very vulnerable. Globalization has brought us closer as a world than we ever were before. Its benefits are experienced by all, but its challenges seem to way heavier on certain economies. Turks and Caicos Islands is no exception as a British Overseas Territory (BOT). The islands enjoyed surplus balance of payments until 2020. The Government of the Island (TCIG) opted to borrowed USD$80 million from the Trinidad and Tobago based Republic Bank Limited (RBL).

Discuss FOUR (4) internal factors, with illustrating examples, that hinder economic development within the Turks and Caicos Islands. (16 marks)

Identify and explain THREE (3) challenges that Globalization, with illustrating examples, poses to Turks and Caicos Islands. (12 marks)

Explain the reason why the TCIG opted to borrow money from a regional commercial bank to weather the early effects of the pandemic. (8 marks)

Discuss how imperialism (identifying any imperial relations) can inhibit the economic growth and development of Turks and Caicos Islands. (4 marks)

22 points) Suppose it is costly to transport exports. Let this cost be equal to some number T per unit. We are going to investigate some features of how the presence of T impacts the monopolistic competition model with trade. Assume all firms are the same in each country, and that each country is the same size. The problem is written to help guide you to the solution in a series of (hopefully) not too demanding steps. (Most of these steps I sort of do for you.)

A) Let Phh be the price a home firm charges in the home country, Phf be the price a home firm charges in the foreign country, Pfh be the price a foreign firm charges in the home country, and Pff be the price a foreign firm charges in the foreign country.

B) Also adopt notation where Xhh is the quantity of beer a home country sells at home, with other Xs defined the same way.

C) (4 points) A firm considering the prices to charge in each market will evaluate each market separately, since the trade cost introduces a friction that makes each market imperfectly integrated. When we had no transaction costs, we found in lecture that . The term equalled 1/n since we had total symmetry, which was nice. Since firms now need to charge different prices in each country, this new asymmetry will not allow for the same simplification here. Write out four MR relationships. For instance, MRhh will be

D) (4 points) Set the MRs equal to MC. Note that when a firm is exporting, the MC=C+T.

E) (4 points) Calculate the Markup over MCs for the Home firm in both markets. For instance,

F) (4 points) Will the markup be larger for the home firm when selling at home or foreign? Why? [Hint: Think about what will happen to its market share in foreign now that it has to pay a transportation cost.]

G) (2 points) Given your answer to g, write down an inequality relating how the value Phh compares to the Phf minus transport costs.

H) (4 points) The result for g describes a phenomenon called "dumping." The price charged by the home country firm in the foreign market, minus the cost of transport, is actually lower than the price the firm charges at home. "Dumping" is frowned upon by many governments. Suggest a couple reasons why. As an economist, what is your view?