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The year is 2035. In many occupations, robots are replacing humans. As it turns out, robots make very good house cleaners, but very poor ski instructors.
Assuming the other determinants of demand for the two services are roughly similar, you would expect the demand for human ski instructors to be(more elastic than, less elastic than,equal to elastic than,derived from) the demand for human house cleaners.
One factor that affects the elasticity of demand for labor is the elasticity of demand for the product itself.
The lower the price elasticity of demand for a product, the (higher or lower) the elasticity of demand for labor.
Compare and contrast the three different perspectives on sustainability. What is your perspective and how would you classify it given the three general views of sustainability we discussed? Consider what you have learned about the economics of non-re..
Governments often need to raise revenues to fund public projects like schools, road maintenance, parks, etc. One way governments raise revenue is to place taxes on the sale of certain goods. Suppose a government is debating whether to raise taxes on ..
Someone consumes only coke and pretzles and always consumes 4 pretzels with each cup of coke. 1) What is the cross price elasticity of demand with respect to a change in the price of pretzels? Simplify to a function of price of coke and pretzels 2) W..
q.paolo currently has 100000 invested in bonds that earn him 10 percent interest per year. he wants to open a pizza
Economic growth has slowed in the last quarter of the year to 0.6% from the previous third quarter growth rate of 4.9%. The economy lost 12,000 jobs in the last month of the previous year while shedding 80,000 jobs during the months of January and Fe..
A firm has the production function x = f (L) , where x is output and L is labor input. The firm buys the input in a competitive market. What restriction do we have to impose on the production function to ensure the second-order conditions in problems..
Suppose that the U.S. dollars-Chinese yuan exchange rate is fixed by the U.S. and Chinese governments. Assume also that labor is immobile between the United States and China due to high transportation costs.
There are 16 hours daily to be divided between working for day and leisure. Working yields hourly wages of $10. Any hours worked in excess of eight hours are considered overtime, and are compensated at $15 hourly. Produce the budget constraint implie..
calculate velocity of money when price level is 10, national quantity of output is $200 billion and money supply is $250 billion Answer must be in detail Explain how Explain how you got answer.
Derive the IS-LM model by considering the expectation into the model. You need to explain which factors affect each of the curve, and how the changes of these factors will shift the corresponding curve of the model.
Suppose the consumption of gold offers people a marginal utility that diminishes as that person consumes more gold. Assume also that gold can be mined in unlimited amounts at the constant marginal costs, X (or chi), units of the non gold consumption ..
Suppose a consumer spends her income on lobster and frozen pizza. Assume that the consumer has an income of $600, the price of lobster is $50, and the price of frozen pizza is $6. Using indifference curves and budget constraints show the income and s..
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