Explain the following questions.

1. The demand curve for hotel rooms is Qd = 1000-5Pp and the supply curve is Qs = 200+3Ps, where Qd is the quantity demanded and Qs is the quantity supplied, Pp is the price paid by buyers and Ps is the price received by sellers. Using the information above, find equilibrium Price and Quantity for Hotel Rooms 2. In Heartland, the minimum wage is currently $4.00 per hour and the fast-food industry is the only industry that pays the minimum wage. 50% of the workers in the industry are between 16 and 21 years old. The president of Heartland, concerned about decreasing the proportion of families with incomes below the poverty line, proposes increasing the minimum wage by 20%. a. Assume the labor market for low skilled workers is perfectly competitive. Explain why an increase in the minimum wage might reduce employment in the fast-food industry. b. Use supply and demand analysis to describe the likely effect of this increase in the minimum wage on the price and quantity sold of meals at fast-food restaurants? c. If an increase in the Minimum Wage will cause the Equilibrium Quantity of Minimum Wage Labor to decrease, would you then suggest that the Minimum Wage should not be increased? Why or Why not?You may need to use the appropriate appendix table or technology to answer the question. Last year, 43:4 of business owners gave a holiday gift to their employees. A survey of business owners conducted thes plan to provide a holiday gift to their employees. Suppose the survey results are based on a sample of do business owners. (2) How many business owners in the survey plan to provide a holiday gift to their employees this year? * business owners (6) Suppose the business owners in the sample did as they plan. Compute the p-value for a hypothesis test that can be used to determine if the proportion of providing holiday gifts has decreased from last year. Find the value of the test statistic. (Round your answer to two decimal places,) Find the p-value. (Round your answer to four decimal places.) X (c)Using a 0.05 level of significance, would you conclude that the proportion of business owners providing gifts decreased? O Reject:. There is Insufficient evidence to conclude that the proportion of business owners providing holiday gifts has decreased from last year O Reject Me There is sufficient evidence to conclude that the proportion of business owners providing holiday gifts has decreased from last year, Q Do not reject N.. There is insufficient evidence to conclude that the proportion of business owners providing holiday gifts has decreased from last Year. O Do not reject H. There is sufficient evidence to conclude that the proportion of business owners providing holiday gifts has decreased from last roar What is the smallest level of significance for which you could draw such a conclusion? (Round your answer to four dodmal places.) Need Help? Can1. Towards the end of the 20th century, the U.S. government wanted to save money by closing a small portion of its domestic military installations. While many people agreed that saving money was a desirable goal, people in areas potentially affected by a closing soon reacted negatively. Congress finally selected a panel whose task was to develop a list of installations to close, with the legislation specifying that Congress could not alter the list. Since the goal was to save money, why was this problem so hard to solve? 2. Your car gets 29 miles per gallon (mpg) at 60 miles per hour (mph) and 25 mpg a 70 mph. At what speed should you make a 525-mile trip: a. If gas costs $3 per gallon and your time is worth $18 per hour b. If gas costs $4 per gallon and your time is worth $12 per hour C. If gas costs $5 per gallon and your time is worth $9 per hour 3. A firm is planning to manufacture a new product. As the selling price is increased, the quantity that can be sold decreases. Numerically the sales department estimates: P = $475-0.250 Where P = selling price per unit and Q = quantity sold On the other hand, management estimates that the average unit cost of manufacturing and selling the product will decrease as the quantity sold increases. They estimate C = $480 + $22,500 Where C = cost to produce and sell Q per year The firm's management wishes to maximize profit. What quantity should be sold? How much profit will be made