« previous next »

Author Question: If the wage rate rises, labor's share in the total costs of a production process a. will increase. ... (Read 51 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?

Though newer “smart” infusion pumps are increasingly becoming more sophisticated, they cannot prevent all programming and administration errors. Health care professionals that use smart infusion pumps must still practice the rights of medication administration and have other professionals double-check all high-risk infusions.

Did you know?

Limit intake of red meat and dairy products made with whole milk. Choose skim milk, low-fat or fat-free dairy products. Limit fried food. Use healthy oils when cooking.

Did you know?

The most common childhood diseases include croup, chickenpox, ear infections, flu, pneumonia, ringworm, respiratory syncytial virus, scabies, head lice, and asthma.

Did you know?

According to animal studies, the typical American diet is damaging to the liver and may result in allergies, low energy, digestive problems, and a lack of ability to detoxify harmful substances.

Did you know?

Approximately one in three babies in the United States is now delivered by cesarean section. The number of cesarean sections in the United States has risen 46% since 1996.

The Mesengenic Process in stem cells The Mesengenic Process in stem cells
Sample Workout in the Target Heart Rate Range Sample Workout in the Target Heart Rate Range
A needle that drops to near zero when the engine is accelerated rapidly and then rises slightly to ... A needle that drops to near zero when the engine is accelerated rapidly and then rises slightly to ...
Thyroid hormone production—Relationship between pituitary and thyroid glands. Thyroid hormone ... Thyroid hormone production—Relationship between pituitary and thyroid glands. Thyroid hormone ...
North Korea: Labor Issues North Korea: Labor Issues
Daniel's Enterprises has a beta of 1.98 and a growth rate of 12 percent. The stock is ... Daniel's Enterprises has a beta of 1.98 and a growth rate of 12 percent. The stock is ...
Video: Helper T cell receptors, activation, proliferation, differentiation & action

For a complete list of videos, visit our video library