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If the wage elasticity of labor supply is negative, what can we say about the slope of the labor supply curve and the relative sizes of the income and substitution effects? Is leisure a normal or inferior good in this case? Will a fall in the tax rate on earnings increase or decrease tax revenues?
Which of the following likely represents Jason's status in regards to his employment with Nick?
Let's work on an example of calculating Marginal Costs. The book describes Marginal Costs as the additional cost incurred when the output is increased by one unit. However, sometimes in the real world information isn't available for increases of sing..
Suppose the price elasticity of demand for heating oil is 0.2 in the short run and 0.7 in the long run. If the price of heating oil rises from $1.80 to $2.20 per gallon, the quantity of heating oil demanded in the short run will by in the short run..
Give an example of behavior that cannot be explained with standard economic models, and which is therefore of interest to behavioral economists. Be sure to identify (i) which standard economic assumption is violated and (ii) how do behavioral economi..
In general, the marginal cost (MC) curve is U-shaped as you learned in the lectures and the textbook. However, exception exists. Please provide at least one industry as an example to illustrate that MC is not U-shaped. Explain briefly the shape of MC..
What is the difference between a product and a brand? Explain. Let's make this very clear with lots of examples.
Increasingly, employees are being allowed to choose benefit packages from a menu of items. For instance, workers may be given a package of benefits that includes basic and optional items. How do you think flexible benefit packages would affect an emp..
Which of the following is true about labor union effects on labor markets?
Think of the ways workers are alienated from the product and process of their jobs. How can these concepts be applied to students and their educations?
1) Marginal revenue is equal to 2) A firm's marginal cost curve above the minimum of the average variable cost curve is also
If the demand for a product is highly Inelastic, that implies the following, EXCEPT:
At a restaurant that does not take reservations, people arriving at 7:30 normally have to wait for an hour, but some people arriving at that time give money to the hostess and are promptly seated. At another restaurant that takes reservations, there ..
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