What happens to demand for labor

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Reference no: EM1346328

Q. Next assume that the price of a substitute resource increases, other things constant. What happens to demand for labor? What are the new equilibrium wage rate and employment level? What happens to economic rent?

Q. The above table gives Amy's total cost schedule for producing holiday wreaths. Amy is a perfect competitor and can sell each wreath for $9.
a) Complete the table by calculating Amy's total revenue and her profit or loss schedule.

b) When Amy is producing 4 wreaths, what is her total cost? What is her total revenue? Illustrate what is her economic profit or economic loss?

c) What number of wreaths maximizes Amy's profit?

Reference no: EM1346328

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