Solve 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?vi payments accounts, still PLEsuit IsOnly foreign currency traded with the Canadian dollar. 7. For each of the following situations, outline the effect on the price of the Canadian dollar in terms of US dollars and draw a demand and supply graph that illustrates the changes that occur in the foreign exchange market for the Canadian dollar. . A contractionary monetary policy initiated by the Bank of Canada raises Canadian interest rates. b. Canada's real output rises at a time when real output in the United States is falling. c. Americans (but not Canadians) find Canada a more attractive place to make financial investments. d. Given Canada's aging population, more Canadian "snowbirds" travel to the United States each winter. e. Due to a credit crisis that affects US financial institutions more than it does Canadian ones, Canada's attractiveness as a destination for direct and portfolio investment increases. f. The Bank of Canada initiates an expansionary monetary policy that reduces Canadian interest rates.MeJO A Unit 01 - The Capitalist Revolution Homework Instructions: This homework will provide you with an opportunity to apply the ideas and concepts from the chapter readings, lecture notes, and videos. You should (1) write out the answers to each question either in the space provided in this document, or on separate paper, then for class credit, (2) submit your answers using the appropriate unit homework quiz on D2L/Brightspace. Question 01a: GDP per capita - According to the World Bank, for 2018 Mexico had a Gross Domestic Product or GDP of 1,220,699 million in US dollars. The population of Mexico in 2018 was 126,190,788. Calculate Mexico's GDP per person for 20181. Question 01b: GDP per capita - Based on your calculation, do you think the average Mexican's standard of living is higher, lower, the same, as the average American? Think about if GDP per capita is a good measure of our well-being?(3) You and a classmate are assigned a project on which you will receive one combined grade. You each want to receive a good grade, but you also want to avoid hard work. In particular, here is the situation: If you both work hard, you get an A, which gives you each 40 units of happiness .If only one of you works hard, you both get a B, which gives you each 30 units of happiness. .If neither of you works hard, you both get a D, which gives each of you 10 units of happiness. . Working hard costs 25 units of happiness. (a) Fill in the following payoff matrix: Your decision Work Shirk Classmate's Work decision Shirk (b) What is the likely outcome? Explain your answer. T (c) If you get this classmate as your partner on a series of projects throughout the year, rather than only once, how might that change the outcome you predicted in part (b)