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ECON101 Umass Boston Microeconomics & Federal Minimum Wage Questions There will be eight short essay questions about Microeconomics. It meets the requireme

ECON101 Umass Boston Microeconomics & Federal Minimum Wage Questions There will be eight short essay questions about Microeconomics. It meets the requirements as long as each questions are answered. It does not have to a real essay. Introduction to Microeconomics
Econ 101
1. Assess the pros and cons of increasing the federal minimum wage to $15 an
hour by 2025. How would this impact low-income individuals/families and
the macro economy? What do you recommend? Make a case for your
recommendation.
2. Define the study of economics and the economic problem.
3. Graphically illustrate how the industry market price is determined for a
commodity characterized by perfect competition. Explain & illustrate:
a.) why MR = market price for the perfectly competitive firm
b.) Why there will be no long run profits
4. Describe the economist’s three most commonly used methodologies to
measure income inequality:
a. The Kuznets Ratio (equation)
b. The Lorenz Curve (graphically illustrate)
c. The Gini Coefficient (describe & explain)
5. How is poverty measured? Describe policy recommendations to eliminate
poverty. How did the 2019 Nobel Prize winners study poverty and what
policies did they find to be most effective?
6. What are the conditions that create a monopolistic or oligopolistic
industry? Graphically illustrate profit maximization for a monopoly.
7. How does the rational consumer optimize their consumption? Why does
marginal utility decline with increased consumption?
8. What determines the value of a country’s currency on international
markets? How does the exchange rate effect demand for exports and how
does the demand for exports effect the exchange rate?

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