The demand for a product and the demand for a resource (such as labor)?are similar because the market price will rise if demand for the product or the resource has been increasing.are different because when the demand for a resource rises, the quantity demanded falls to zero, but not sofor a product.are different because a product feels insulted if its price is falling due to declining demand, whereas humanlabor feels good about it when its price is falling due to declining demand.O are opposites because products are produced by labor and other resources.G Search or type URLesc*%232$34.79.deleteQERTY.tabADGHKreturncaps lockMshiftshift Equilibrium:wage (W) rates in a labor market mean that everybody is happy.prices (P) in product markets are always at their optimal point for everyone in society's utility level.is a neutral concept, in that somebody gains and somebody loses when markets have completed theiradjusting toward their point of stability.is a meaningless concept because i have not learned anything about the economics of markets this semester.MacBook Pro->G Search or type URL#324&13deleteQWTYtabASHJ.Kcaps lock* coLL

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The demand for a product and the demand for a resource (such as labor)? are similar because the market price will rise if demand for the product or the resource has been increasing. are different because when the demand for a resource rises, the quantity demanded falls to zero, but not so for a product. O are different because a product feels insulted if its price is falling due to declining demand, whereas human labor feels good about it when its price is falling due to declining demand. O are opposites because products are produced by labor and other resources.

The demand for a product and the demand for a resource (such as labor)? are similar because the market price will rise if demand for the product or the resource has been increasing. are different because when the demand for a resource rises, the quantity demanded falls to zero, but not so for a product. O are different because a product feels insulted if its price is falling due to declining demand, whereas human labor feels good about it when its price is falling due to declining demand. O are opposites because products are produced by labor and other resources.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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How can we measure the opportunity cost of leisure? The opportunity cost of leisure is O A. economic discrimination. B. the marginal product of labor. c. a compensating differential. O D. the wage rate. O E. pure rent. The substitution effect of a wage increase O A. causes a worker to supply a larger quantity of labor, and the income effect causes a worker to supply a smaller quantity of labor. B. causes a worker to supply a larger quantity of leisure, but the income effect causes a worker to supply a smaller quantity of leisure. C. causes a worker to supply the same quantity of labor, and the income effect causes a worker to supply a smaller quantity of leisure. D. causes a worker to supply a smaller quantity of labor, and the income effect causes a worker to supply a larger quantity of labor. Why is the supply curve of labor usually upward sloping? O A. As the wage increases, the opportunity cost of labor increases, causing individuals to devote more time to working. B. As the wage…
You publish a magazine for calculator collectors. To produce and distribute this magazine, you use a number of inputs: • computers labor . раper • postage • staplers What is the impact on the market, if the price of labor goes down ? Choose one: O A. The demand for the magazine shifts to the right, and the supply curve shifts to the left. The equilibrium price rises, but there is an unknown change in the equilibrium quantity. O B. The demand for the magazine does not change, and the supply curve shifts to the left. The equilibrium price rises, but the equilibrium quantity falls. O C. The demand for the magazine does not change, and the supply curve shifts to the right. The equilibrium price falls, but the equilibrium quantity rises. O D. The demand for the magazine shifts to the left, and the supply curve shifts to the right. The equilibrium price falls, but there is an unknown change in the equilibrium quantity.
What happens to the supply curve when the price of the factor of production would rise?
3. How changes in the goods market affect the demand for labor In this question, you'll explore the effect of a plentiful crop in Vermont on the price of blueberries in the United States, as well as on the daily wages of blueberry pickers in Florida. Assume that blueberry buyers don't care whether their blueberries come from Vermont or Florida. On the following graph, show the effect the plentiful crop in Vermont has on the market for blueberries in the United States by shifting either the demand curve, the supply curve, or both. PRICE (Dollars per pint) 10 9 8 7 3 2 1 0 Market for Blueberries in the United States Supply Demand 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Millions of pints of blueberries) Demand D Supply (?) Based on the graph for the market for blueberries in the United States, the plentiful crop has caused the price of blueberries in the United States to
Robots become a strong substitute factor for human workers in producing Good A. At the same time, the licensing fees increase for human workers who produce Good A. What would happen to the market equilibrium quantity of labor and wage rate for specialized labor to produce A? A-The quantity of labor increases, and the wage rate increases. B-The quantity of labor decreases, and the wage rate increases. C-The effect on the quantity of labor is indeterminate, and the wage rate decreases D-The quantity of labor decreases, and the effect on the wage rate is indeterminate. E-The quantity of labor and the wage rate both remain constant.
Firzaowns 3 iced milk coffee bottlesand 9 toasted bread while Razi owns 8 iced milk coffee bottles and 4 toasted bread. Given this resources, marginal rate of substitution (MRS) toasted bread and milk coffee for Firza and Razi is 4 and 2, respectively. DrawEdgeworth box diagram and explain whether the resource allocation between Firza and Razi is efficient. If this allocation is inefficient, explain what should Firza and Razi substitute to obtain higher utility?
When high-school and college graduates apply for jobs in the labor markets, a) Job applicants are the "buyers" while employers are the "sellers". b) Job applicants are the "sellers" while employers are the "buyers". c) Job applicants and employers are both "buyers". O d) Job applicants and employers are both "sellers". |) Listen Which of the following is not one of the five fundamental questions that an economy must deal with? a) How will the goods and services be produced? b) Who is to receive the goods and services produced in the economy? c) In what ways will progress be promoted? d) Why should the goods and services be produced?
For which of the following industries is the supply-and-demand model likely to be most accurate? The supply-and-demand model will most closely mirror reality for O A. government services. O B. financial products. OC. public utilities. O D. high end smart phones. O E. vehicle production.
Before the sick pay policy was instituted, teachers received no pay for days that they did not work. Consider a teacher who, prior to the introduction of sick pay, took 50 days of sick leave. According to labor supply theory, how will introduction of the sick pay policy described above change the amount of sick leave that this teacher takes? #1 Sick leave will increase because of substitution and income effects that reinforce each other. O Sick leave will increase because of a substitution effect. O Sick leave will not change. O Sick leave will increase because of an income effect. O The change in sick leave is indeterminate because of conflicting substitution and income effects.
The graph shows the market for cashews. What is the equilibrium price of cashews? What is the equilibrium quantity of cashews? Is the market for cashews efficient or inefficient? Why? CIER The equilibrium price of cashews is $ a pound and the equilibrium quantity of cashews is pounds. The market for cashews is O A. inefficient only if the cost of growing all the cashews is an average of $6.00 a pound OB. efficient because the marginal benefit of cashews equals the marginal cost of producing them, which is $6.00 a pound OC. inefficient because growers of cashews receive a large producer surplus O D. efficient because the benefit of each pound of cashews consumed equals the cost of growing it OE. efficient only if the total benefit of the cashews equals $6.00 a pound billion A 12.00- 10.00- 8.00- 6.00+ 4.00- 2.00- 0.00+ 0 Price (dollars per pound) S 3 9 12 6 Quantity (billions of pounds per year) D 15 Q Q
5. Consider the market for labor. When you draw a supply and demand curve, what group of people represent “supply”? Explain.
Consider a factory that produces iPhones. This factory relies on both employees (labor) and machines (capital). Which of the following would decrease the demand forlabor?O a. Public taste shifts away from iPhones towards AndroidsO b. The price of capital falls and labor is easily substituted for capital.O c. The factory has trouble hiring competent workers (workers become less productive).O d. (b) and (a)O e. all of the above