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Author Question: If the wage rate rises, labor's share in the total costs of a production process a. will increase. ... (Read 54 times)

Destiiny22

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  • Posts: 557
on: Jul 1, 2018
If the wage rate rises, labor's share in the total costs of a production process
 a. will increase.
  b. will decrease.
  c. may increase or decrease depending on the elasticity of demand for the product.
  d. may increase or decrease depending on the ease of substitution of other inputs for labor.

Question 2

Suppose capital and labor must be used in fixed proportions to produce widgets and that the price elasticity of demand for widgets is zero. Then the wage elasticity of demand for labor by widget makers will be
 a. +1.
  b. 1.
  c. 0.
  d. infinite.


al

  • Sr. Member
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  • Posts: 344
Reply #1 on: Jul 1, 2018
Answer to Question 1

d

Answer to Question 2

c


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