Assignment Task
1.a) In your opinion from what you learned in the video, and with the current minimum wage at $13/$14 in California and $7.25 in the U.S is it possible to call the minimum wage a living wage
2. a) Using the following graph state the price and quantity the firm will be at if the perfect competition market is in long run equilibrium. Explain why the firm will be at that price and quantity and how this market structure adjusts to long run equilibrium.
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Get Help Now!b) State the conditions that establish the market structure perfect competition, and long run equilibrium condition and the shutdown condition for this market structure.
a) With the following data draw a Lorenz Curve, putting labels on the graph and writing out data point values. Explain what the Lorenz Curve illustrates, and what the results mean
b) Now explain how one gets the Gini Coefficient from the Lorenz Curve, and what information the coefficient provides.
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