« previous next »

Author Question: If the wage rate rises, labor's share in the total costs of a production process a. will increase. ... (Read 9 times)

Destiiny22

  • Hero Member
  • *****
  • 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
  • ****
  • Posts: 344
Reply #1 on: Jul 1, 2018
Answer to Question 1

d

Answer to Question 2

c


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The human body produces and destroys 15 million blood cells every second.

Did you know?

When taking monoamine oxidase inhibitors, people should avoid a variety of foods, which include alcoholic beverages, bean curd, broad (fava) bean pods, cheese, fish, ginseng, protein extracts, meat, sauerkraut, shrimp paste, soups, and yeast.

Did you know?

Certain rare plants containing cyanide include apricot pits and a type of potato called cassava. Fortunately, only chronic or massive ingestion of any of these plants can lead to serious poisoning.

Did you know?

People about to have surgery must tell their health care providers about all supplements they take.

Did you know?

The National Institutes of Health have supported research into acupuncture. This has shown that acupuncture significantly reduced pain associated with osteoarthritis of the knee, when used as a complement to conventional therapies.

Deviancy training is a process by which antisocial peers encourage antisocial talk among friends, ... Deviancy training is a process by which antisocial peers encourage antisocial talk among friends, ...
Children with disabilities used to be sent to special schools. In a process called mainstreaming or ... Children with disabilities used to be sent to special schools. In a process called mainstreaming or ...
IPCC Temperature Increase Predictions Relative to 1986-2005 IPCC Temperature Increase Predictions Relative to 1986-2005
The branching process in glycogen synthesis The branching process in glycogen synthesis
Canada Total Energy Consumption by Fuel Type Canada Total Energy Consumption by Fuel Type
Production of ATP in Skeletal Muscle Production of ATP in Skeletal Muscle
Video: Pressure Flow Model Animation

For a complete list of videos, visit our video library