Microeconomics

Discussion Questions (Please draw all the graphs in the assignment) 1. What is a Price Floor? What is the effect of price floor? 2. Minimum Wage Legislation: Explain with the help of a diagram. 3. Does minimum wage legislation have other effects? Explain with the help of a diagram. a. Explain: Loss of Employer's surplus and Employee's Surplus b. Explain: Resource Loss 4. What exactly is a production quota? 5. What are the effects of production quotas? Explain with the help of graph. 6. How are consumers and producers affected by a production quota? Explain with the help of a diagram