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Author Question: Equilibrium in the Labor MarketPenny started a company that produces and ships Penny Blossoms, cute ... (Read 381 times)

vowens

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on: Nov 23, 2022
Equilibrium in the Labor Market

Penny started a company that produces and ships Penny Blossoms, cute hair barrettes. She currently pays her workers a wage of $1.35 per barrette and has other costs of $0.45 per barrette, resulting in a price of $1.8 per barrette. At this price, she sells 1080 Penny Blossoms per week. Suppose her workers form a union and force her to increase their wages to $1.95 per barrette. Other costs of production don't change.
If the price elasticity of demand for the barrettes is 1.35, after the wage increase, total spending on labor will change from ________ to ________.
◦ $1458.00, $947.70
◦ $1944.00, $947.70
◦ $1944.00, $1158.30
◦ $1458.00, $1158.30
Macroeconomics ¦ Acemoglu, Laibson, List ¦ 3rd Edition
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Marked as best answer by vowens on Nov 23, 2022

char00char

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Reply #1 on: Nov 23, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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vowens

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Reply 2 on: Nov 23, 2022
Great answer, keep it coming :)

kishoreddi

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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