Determine the optimal level of labor input

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Q1. Gerry receives a raise from $10 per hour to $12.50 per hour. After the raise, Gerry increase the number of channels in her cable subscription from 50 to 75,.What is Gerry's income elasticity of cable demanded?

Q2. Suppose we only use labor in a production run. How do we determine the optimal level of labor input in the short run? In other words what condition must be met?

Q3. for the production possibilities curve involving working vs. outsourcing errands which variable would be on the vertical axis and which on the horizontal axis?

Reference no: EM138344

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