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Immigration is a fact of life in the United States. This will lead to a big boost in the labor supply. What field would you rather be in: A field where the demand for your kind of labor is elastic or a field where the demand for your kind of labor is inelastic? The answer is: I want to be in a field where the demand for my labor is elastic because a big increase in supply won't push down my wage much. (However, I am having difficulty grasping why this is true. What is the principle behind this? I can't seem to figure out how elasticity or inelasticity of supply determines wages.)
In a complex assembly operation, it is found that the learning curve rate is 70%. The standard time of 3 minutes per assembly is reached after the 110th unit. Find i. The time required for the very first unit.
What is the average fixed cost for the third unit of output and what is the average variable cost for the 5th unit of output?
What are the primary differences between industrial users and home users of electricity that allow the utilities to discriminate between the two markets in terms of price
This is not a goal of government programs To enforce private property rights ,To prohibit natural monopolies or else.
COUNTRY ANALYSIS 1. Describe the population trends. 2. What is the gross national product and its' trend 3. What are the key imports and exports 4. What are the country's major industries. 5. Describe the political system and legal environment. Do th..
A firm in a perfectly competitive industry is making losses in the short run. (i) Sketch a ‘typical' firm's Average Cost and Marginal Cost curves and in the diagram show a possible price at which the firm would produce in the short run, but make l..
Are brand extensions an important brand-growth strategy or can they endanger brands? Perhaps start with a definition of brand extensions?
customer service level, even if that means some products will occasionally be out of stock, if it gets products at a lower price. For its large retail hardware customers (like Home Depot), United regularly ships smaller orders directly to individu..
Explain the law of demand. Why does a demand curve slope downwards? Distinguish between a change in demand and a change in quantity demanded.
On average, does an increase in taxes raise or lower real GDP If taxes as a percentage of GDP go up 1 percent, by how much does real GDP change Are the decreases in real DDP caused by tax increases temporary or permanent
There are two goods, Cloth and Food, and two factors of production, labour and capital. Suppose that the production function for each good is "homothetic".
Indicate whether each of the following statements is true or false and explain why. a) A competitive firm that is incurring a loss should immediately cease operations.
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