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Explain what happens to the elasticity of demand for labor in a given industry after which of the following events:
A) A new manufacturing technique makes capital easier to substitute for labor.
B) There is an increase in the number of substitutes for the final product that labor produces.
C) After a drop in the prices of capital inputs, labor accounts for a larger potion of a firm's factor costs.
Suppose an individual buyer values a pound of butter at $10. If the market price of butter is $8, what is the consumer surplus for this item?
If the government wanted to achieve the same change in GDP as in part 8 by cutting taxes instead of increasing spending, how large would the tax cut need to be.
Explain why do people routinely stuff themselves at â. all-you-can-eat-buffetsâ. Elucidate in terms of both utility and demand theories.
Assume new suppliers enter the market due to the increase in demand so the new supply curve is Q= -500 + 10P. Illustrate what are the new equilibrium price and equilibrium quantity.
If a severe drought decreased labour productivity in Zambia, explain what will happen to each of the following.
Illustrate how each of the following events would shift the AS schedule and potential RGDP, thereby altering equilibrium prices and output levels in the economy. Use an aggregate supply-aggregate demand diagram in your explanation and assume that the..
Average tax rate is. If Social Security were considered part of the general budget then, Critics of food stamps argue that low income should be given cash payments rather than food vouchers. What are their arguments?
Water rights, markets and rates are often tied to their intended use (e.g. commercial, agricultural, and residential) and out of use or out of basin water transfers are often prohibited. Why?
q1. for each of the determinants of demand in equation identify an example illustrating the effect on the demand for
Which of the following will affect natural resources pricing?
The New Zealand dollar pushed toward U.S.55c yesterday as the greenback was dumped on a surprise U.S. Federal Reserve initiative to pump more money into a still-choked financial system.
Bailey, Inc., is considering buying a new gang punch that would allow them to produce circuit boards more efficiently. The punch has a first cost of $110,000 and a useful life of 15 years. At the end of its useful life, the punch has no salvage value..
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