1. What is the main difference between the law of demand and the price elasticity of demand? The law of demand tells you that quantity demanded will increase as price falls, or conversely, that quantity demanded will decrease as price rises. So, the law of demand says there is an inverse relationship between price and quantity demanded. By contrast, the price elasticity of demand tells you “how much” quantity demanded changes when price changes.
$30 $3 $60 $6 Question 11 Which of the following is a property of an isoquant? It is concave to the origin. Its slope is given by the ratio of the marginal products, for example, (marginal product of capital) ÷ (marginal product of labor), where capital and labor are measured on the Y and X-axes respectively. It gives the lowest-cost way of producing a certain level of
$30 $3 $60 $6 Question 11 Which of the following is a property of an isoquant? It is concave to the origin. Its slope is given by the ratio of the marginal products, for example, (marginal product of capital) ÷ (marginal product of labor), where capital and labor are measured on the Y and X-axes respectively. It gives the lowest-cost way of producing a certain level of
A. slow-growers B. stalwarts C. countercyclicals D. A and B E. A and C The groups in this classification are slow-growers, stalwarts, fast-growers, cyclicals, turnarounds, and asset plays. Difficulty: Easy 41. Supply-side economists wishing to stimulate the economy are most likely to recommend A. a decrease in the money supply. B. a decrease in production output. C. an increase in the real interest rate D. a decrease in the tax rate.
Two disadvantages to automation are that it costs more and it is not easily changed. 6. A products margin is determined by subtracting its manufacturing cots (labor and material) from its price. Logically, higher prices and lower labor and material costs result in higher margins. Keeping in mind the customer buying criteria, how would you increase margins for a low end product?
Even though union members—those who keep their jobs--- get their wages increased and enjoy improved working conditions and benefits, the economic issues that most unions brings to the United States outbalance the positive effects. As the United States competes with the rest of the world, firms struggle when one of their highest costs is directly related to labor. In the article Labor Unions by Morgan Reynolds, the author accurately explains this phenomenon: while higher wages are successfully achieved, they simultaneously reduce the number of jobs available in unionized firms. This occurs because of the basic law of demand: once prices of labor rise, then employers will purchase less of it. Hence such members’ benefits are achieved at the expense of consumers, nonunion workers, already unemployed people, taxpayers, and corporation owners (Reynolds,
As the time horizon increases, variable costs rely less on existing factors and restrictions and therefore will begin behaving differently which will in turn affect the cost of production (Wright, 2007). The second way a firm that’s into profit maximization can decide its greatest level of output is by way of the marginal revenue -- marginal cost method. This is done by subtracting the marginal cost from the marginal revenue that a product generates. Using marginal cost and marginal revenue as the bases, profit maximization will be obtained at the point when marginal revenue is equal to marginal cost. If the marginal revenue is greater than marginal cost this would be when a profit maximizing firm would need to increase production until marginal revenue is equal to marginal cost.
Net exports (NX: The value of exports minus the value of imports. An equation for GDP where Y-GDP or Total output_ Y-C+I+G+NX Does GDP measure what we want it to
Answer: D Diff: 1 Topic: Definition of Economics 3) Which of the following is a microeconomic topic? A) the reasons why a consumer buys less honey B) the reasons why the average price level in a country falls C) the cause of increasing unemployment D) the effect of the government budget deficit on inflation E) the reasons why the labour force in a country decreases Answer: A Diff: 1 Topic: Definition of Economics 4) The study of how wages are set for New Brunswick teachers is classified as A) a macroeconomic topic. B) a microeconomic topic. C) economics of social interest. D) economics of private interest.
ROOT CAUSE AND ENVIORMENTAL ANALYSIS The cost breakdown for Bayfleet Machining shows how Bayfleet Machining and Union Stamping are able to offer such low unit prices. Bayfleet Machining subcontracts parts which help to decrease their cost for