Economics : Micro 4
4th Edition
ISBN: 9781305436855
Author: MCEACHERN
Publisher: CENGAGE L
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Question
Chapter 12, Problem 4.10PA
To determine
The reasons firms in industries with high fixed costs be apt to prevent strikes or end-strikes quickly.
Concept Introduction:
Strike:
This is an industrial action taken up by the employees working in a factory or any industry as a form of protest against certain demands requested by the workforce which has been turned down by the employer.
Fixed cost:
This is a cost that does not vary with the number of units produced.
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The preferences of a consumer are represented by the following utility function:
U = min (×1, 2x2)
If income is 100 and p1=p2=1
a) What is the optimal bundle?
b) If p₁=4, what is the new optimal bundle?
c) If p2=4, what is the new optimal bundle?
d) Decompose the price effect into income and substitution effect and provide a graphical representation of your results.
Challenges of Nepal's foreign trade.
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