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What is one explanation for why this labor supply curve is upward sloping?
A. Labor production functions exhibit diminishing marginal returns.
B. Wages have to increase to accommodate union pressure.
C. The opportunity cost of leisure decreases as wages decrease.
D. Unemployment benefits are steadily declining.
The demand curve for a product is given by P = 400 - 1Q/3. What is the own price elasticity of demand when price is $100? Is demand elastic or inelastic at this price? What would happen to the firm’s revenue if it decided to charge a price above $100..
The johnson company pays $2000 a month to a trucker to haul wastepaper and cardboard to the city dump. The material could be recycled if the company were to buy a $60,000 hydraulic press baler and spend $30,000 a year for labour to operate the baler.
Suppose that First Bank discovered that its computer had been programmed incorrectly and that it suddenly was short of reserves by $100 million. What would you expect to happen to the federal funds rate
Derive the demand function
answer the following questions using examples and applications from the readings. justify your answers using economic
Sort the following scenarios according to whether they would cause a shift in the demand curve or movement along a demand curve.
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".
How will a substantial increase in demand for housing affect the wages and employment of carpenters, plumbers, and electricians?
1. production possibilities frontier.a sketch a production possibilities curve not a straight line with consumer goods
Normal 0 false false false EN-US X-NONE X-NONE Explain the multiplier intu..
The hair stylist, LTD., is popular-priced hairstyling salon in College Park, Maryland. Given large number of competitors, the fact that stylist routinely tailor services to meet customer needs, and the lack of entry barriers, it is reasonable to s..
In the short run, a firm operating in a competitive industry will shut down if price is less than average total cost, less than average variable cost.
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