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The output effect of an increase in the wage comes about because higher wages:
a) increase production costs, and final good prices will rise, reducing the quantity demanded of the product
b) increase production costs, and final good prices will rise, increasing the quantity demanded of the product
c) make labor less expensive as an input, leading firms to switch to labor as an input
d) make labor more expensive as an input, leading firms to switch to other inputs.
Output maximisation and cost minimisation
What does the market for sugary sodas look like? Provide a supply-demand graph with realistic prices.
Demonstrate that under this analysis commodity movement and factor movement are substitutes for each other.
Mr. Smith is president of a firm that is the industry price leader; that is, it sets the price and other firms sell all they want at that price. The other firms act as perfect competitors.
Neolithic Revolution
Find the equation of the new demand curve for Chevrolets. Plot the new demand curve, D1 c' and, on the same graph, plot the curve for Chevrolets, D c'. found in 2 (d).
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution and price elasticity of demand.
Describe an example of risk calculation found on the web and what risk calculation technique is illustrated by your example? Would you have employed a different risk assessment technique than used in your example, and why?
Economists make decisions by thinking in terms of alternatives. Why do economists thinks there is no such thing as a free lunch?
How does competition affect profits and prices? What causes some firms to enter an industry, and others to leave it?
Describe the market growth rate for product and service.
Describe how each of the following will affect the price and quantity of equilibrium. To find out the new values, describe how the supply and/or demand curves will shift in the following cases (if at all).
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