econ 2302 problem set for unit 1 and unit 2

  1. Minimum wage in New York City has been increased from $11 and hour in 2016 to $15 an hour in 2019. As a result of the increase, restaurants are laying off workers. Why? Fully explain your answer. In addition, use a graph to fully explain you answer. (25 points)
  2. On the weekend of September 14, 2019, Saudi Arabia suffered a drone attack that effected the oil fields. In the days that followed, news reports predicted that the price of a gallon of gas would increase. Do you agree with the prediction and why? Fully explain your answer and include a graph in your explanation. (25 points)
  3. In 2008, Exxon/Mobile, a producer of gasoline, posted the highest quarterly profit of any company in US history. The profit was $14.83 billion, despite its input, oil, being at record high prices. Explain, using the information you have learned in Economics, how Exxon/Mobile’s profits were so high. Use a graph to illustrate your answer. The graph is not to be number specific. (25 points)
  1. A gasoline station, very near a professional football stadium, parks cars on its lot to make money on game days. Last year it charged $4.00 per car and parked 1000 cars. This year it is considering raising the price. Is the station owner make a good economic decision in raising the parking prices from one year to the next? Why or why not? Fully explain your answer. (25 points)
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