This describes the:A change in an input price will alter both production costs and the profit-maximizing output. The price of a regular coffee is $2.00. Thus a fall in the price of capital will increase the relative price of labor and thereby reduce the demand for labor. In the demand equation Q = f (P) (in which Q is the number of units of a good or service demanded), P is the relative price of the good or service rather than the nominal price. Other things equal, the demand for labor will be less elastic the: If some event causes price levels to decline, relative prices of sticky goods will rise, and the quantity of those goods sold will decline--leads to cut back on production. This occurs because:consumers have a greater demand for football games than for soccer games.mount by which the extra production of one more worker increases a firm's total revenue.The purely competitive employer of resource A will maximize the profits from A by equating the:the amount an additional worker adds to the firm's total output.The labor demand curve of a purely competitive seller:slopes downward because of diminishing marginal productivity.Assume labor is the only variable input and that an additional input of labor increases total output from 72 to 78 units. Given that the absolute price of a cup of yogurt is unchanged, the relative price of a cup of yogurt _________ It is the change in a relative price that prompts a change in the quantity demanded. 3.) B. In other words, it is the ratio of two prices. Completely logical people will make purchasing decisions by considering the relative prices of their options. This rule takes the special form W = MRP (where W is the wage rate) when the:firm is hiring labor under purely competitive conditions.Assume that a restaurant is hiring labor in an amount such that the MRC of the last worker is $16 and her MRP is $12. This describes the:percentage change in resource quantity demanded divided by the percentage change in resource price.When the elasticity coefficient for resource demand is greater than one, resource demand is:When the elasticity coefficient for resource demand is less than one, resource demand is:Suppose that a union successfully negotiated a 10 percent wage increase and the quantity of labor demanded decreased by 10 percent. In her school's food court, Sydney notices that a cup of yogurt costs $3.00 and a bag of chips costs $2.00. If the product sells for $6 per unit in a purely competitive market, the MRP of this additional worker is:If one worker can pick $30 worth of grapes and two workers together can pick $50 worth of grapes, the:marginal revenue product of the second worker is $20.A competitive employer should hire additional labor as long as:A firm will find it profitable to hire workers up to the point at which their:A profit-maximizing firm employs resources to the point where:The general rule for hiring any input (say, labor) in the profit-maximizing amount is MRC = MRP. This firm:should hire more labor because this will increase profits.Suppose the demand for strawberries rises sharply, resulting in an increased price of strawberries. Which of the following statements best illustrates the concept of derived demand? Since Sydney just finished studying for an economics exam, she immediately calculates that the relative price of a cup of yogurt is 1.5 ____ __ _____ per cup of yogurtSuppose that school administrators want to encourage healthy choices and decide to impose a $0.75 price increase on bags of chips. Other things equal, we would expect:the demand for resource X to be more elastic than the demand for resource Y.responsiveness of producers to changes in resource prices.The elasticity of resource demand will be greater the:easier it is to substitute other resources in production.The relationship between the elasticity of product demand and the elasticity of demand for labor employed in its production is such that, other things being equal:the more elastic the demand for the product, the more elastic the demand for labor.Other things equal, the relationship between the relative importance of a given type of labor in a firm's total costs and the elasticity of demand for that labor is such that the:larger the labor cost-total cost ratio, the greater will be the elasticity of labor demandIf a 10 percent wage increase in a particular labor market results in a 5 percent decline in employment in that market, labor demand is:Which of the following statements is true? A decline in the price of margarine will reduce the demand for butter. Thus lower price level reduces the quantity of goods and services supplied.
Since Sydney just finished studying for an economics exam, she immediately calculates that the relative price of a cup of yogurt is 1.5 ____ __ _____ per cup of yogurt As it relates to strawberry pickers, we could expect the:Which of the following will not cause a shift in the demand for resource X?Assume the price of capital falls relative to the price of labor and, as a result, the demand for labor increases. Thus a decline in the price of capital will reduce production costs, increase the profit-maximizing output, and thereby increase the demand for labor. Non-price methods of rationing emerge.
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