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We say that the demand for labor is a derived demand because:
labor is a necessary input in the production of every good or service.
we demand the product that labor helps produce rather than labor service per se.
the forces of supply and demand do not apply directly to labor markets.
labor is hired using the MRP = MRC rule.
The volatility of the present floating exchange rate regime presents a conundrum for international business. Exchange rate movements are difficult to predict and yet their movements can have a major impact on the competitive position of business. Wha..
Suppose that low-skilled workers employed in clearing woodland can each clear one acre per month if each is equipped with a shovel, a machete, and a chainsaw. Clearing one acre brings in $1300 in revenue. What is the marginal revenue product of hirin..
Clear Channel, an owner of radio stations with the Top 40 format, recently bought rock concert promoter Live Nation. How would this affect prices for concert tickets or rates for radio programming?
The Hassman Company produces two joint products, X and Y. The isocost curve corresponding to a total cost of $500,000 is Qy = 1,000 – 10Qx – 5Qx^2. What is the optimum output of product Y? Can you be sure that the optimum output combination lies on t..
For five years, an oil drilling company has operated profitably in the state of Alaska (the only place it operates). Last year, the state legislature instituted a flat annual tax of $100,000 on any company extracting oil (or natural gas) in Alaska. H..
Explain why you cannot primarily rely on budgets or expenditure documents to ascertain the costs of a project. In other words, why is it inappropriate to use budgets for estimating costs?
Mars and Hershey's dominate the domestic chocolate candy bar business. In this mature market; advertising by individual firms does little to convince more people to eat candy. Effective advertising simply steals sales from rivals. Briefly describe th..
The government has the ability to influence the level of output in the short run using monetary and fiscal policy. There is some disagreement as to whether the government should attempt to stabilize the economy. Which of the following are arguments i..
q1. suppose there is a 50-50 chance that a risk adverse individual with a current wealth of 20000 will contract a
For the total variable cost (TVC), draw a positive total fixed cost (TFC) and total cost (TC) curves. Then derive the associated marginal cost (MC), average total cost (ATC), average variable (AVC) and average fixed cost (AFC) curves. Be sure to capt..
The quantity of an input, such as machines or workers, which maximizes profit is the quantity for which
If elasticities for a bottle of water are -0.8 and -1.2 in two different locations and marginal cost is the same, which location is likely to charge higher price for the bottle of water?
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