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If salaries of journalist go up then demand curve of newspaper will shift upward.
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- BOLD the answer pleasePlz show work , and provide explanation as wellSuppose you run a flower-delivery business andemploy college students to drive the vans and makedeliveries. You are considering hiring an additionalworker. What information would you need toknow to decide whether doing so would increaseor decrease your profit?
- in September 1993, The Times unilaterally lowered its price … Price Average Daily Sale Pre- 09-93 Post-09-93 pre-09-93 post-09-93 Times 45 30 376836 448962 Guardian 45 45 420154 401705 Telegraph 45 45 1037375 1017326 Independent 50 50 362099 311046 2196464 2179039 Total daily newspaper sales (including a few other newspapers not mentioned in the slide) remained constant at about 2.5 million at both pre and post Sep-93. Compute: Relevant cross-price elasticities of demand for Guardian, Telegraph, and Independent? How do you ensure that the ceteris paribus assumption has been met here, although approximately?Completed 0 out of 30 Resources Submit Question 24 of 30 What is the elasticity of demand for labor? A measure of how upset your boss is when his employees ask for more money. O A measure of how responsive firms' supply of labor is to changes in the wage rate. A measure of the extra revenue earned by the firm resulting from hiring one more unit of labor. A measure of how much firms' profits are affected by changes to wages. A measure of how sensitive the amount of labor firms will hire is to changes in the wage rate. A measure of the sensitivity of wage rates to the unemployment rate. Suppose you discover that your boss has a demand for labor that is very elastic. What does this imply in terms of y requesting a raise? Your boss may likely eliminate some positions (fire some people) if wages rise. Your boss will maintain the exact same labor force (not fire or hire anyone) if wages rise. Your boss is a flexible and undertanding person, so he or she is likely to accomodate any request…Explain the effect of an increase in demand for tomatoes on demand or supply of tomato pickers. What is the effect on wages of tomato pickers and the number of tomato pickers hired.
- The local textile faces the faces the following supply curve for labor. Fill in the empty blanks. The mill’s demand curve for labor is a horizontal line at a wage of $17 per hour. How much labor will the mill demand? What will be the equilibrium wage rate?Think about a major issue restaurants. There is a major division in terms of staff: back of house (cooks) and front of house (waiters/waitress) . From of the house staff depends on tips while back of the house staff earns a flat wage with no tips. consider that the tips are a percentage of the total meal price( e.g 15% of the meal price ) and that meal prices have been rising over decades- even adjusting for inflation. a. Given that people respond to incentives what will likely happen over time to the number of people who become waiters/waitresses? b. How might restraunts employers view such a moment to raise tips? d. Suppose the restaurant market is competitive. Also assume that you like having more restaurants to choose from rather than few. Given these assumptions, how would you feel about this movement for greater tips?Labor demand becomes more elastic as the demand for the firm’s output a. becomes more elastic b. becomes less elastic c. increases d. decreases e. is at market equilibrium