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valina [46]
2 years ago
8

Suppose that total demand for refrigerators at the market price is 15,000 units. If the LRAC curve reaches a clear minimum avera

ge cost at 5,000 units, then the industry structure must be
Business
1 answer:
Bogdan [553]2 years ago
3 0

The industry structure must be a monopoly. A perfectly competitive and monopolistic company earns 0 profit in case of the long run.

<h3>What do you mean by Monopoly market?</h3>

Monopoly, as described by Irving Fisher monopoly., is a “non-competitive” market, which creates a situation where a person or business is the sole supplier of something.

To increase profits the company produces that number MR = MC. Build a completely competitive company P = MR.

Therefore, If the LRAC curve reaches a clear minimum average cost at 5,000 units, then the industry structure must be a monopoly. This is the correct answer.

Learn more about Monolpoly market refer:

brainly.com/question/7217942

#SPJ1

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The demand for the services of trish's computer services has increased. trish employs several workers who diagnose and fix clien
MArishka [77]

Answer:

1) what will happen to the mrp and wages of trish's workers?

the marginal revenue product (MRP) is defined as the additional revenue generated by employing one extra unit of labor. In this case, the MRP will exceed the wages paid by Trish, generating economic rent or above average returns.

2) the wage rate is w2; the old wage was w1. what is the economic rent trish's workers now earn?

If Trish raises her employees' wages due to the increasing in price, then her employees will be earning economic rent = w2 - w1. This means that their wage is higher than the usual wage that would be paid for doing that job.

3) define economic rent.

Economic rent is defined as the additional profit generated by a business that exceeds its opportunity cost.

Economic rent = marginal revenue product – opportunity cost

The opportunity cost is the extra costs or benefits lost from choosing one activity or investment over another alternative.

In this case, Trish is earning an economic rent with her business because her earnings are higher than any other earnings that she could make by investing in something else.

4) what factors affect the elasticity of supply of the labor supply curve that trish faces as she hires workers?

The elasticity of the labor supply curve shows how much a 1% change in wages affect the quantity of labor supply (in % also).

In this case, the factors affecting the labor supply would be the substitution effect and the income effect of a rise in wages. Both factors are opposite, and in this case I would believe that the substitution effect would be greater.

  • The substitution effect means that workers will start working more because they are paid a higher wage. they will be willing to give up leisure time in order to work more hours and earn a higher salary.
  • The income effect means that workers will start working less hours due to higher wages per hour.
8 0
3 years ago
What type of account is recommended for unexpected expenses?
velikii [3]

Answer:

emergency fund

Explanation:

5 0
3 years ago
Congratulating a coworker on an anniversary would be an example of _____.
Yanka [14]

Answer: the correct answer is D. promoting general friendliness

Explanation:

To promote friendliness at work is an awesome idea because it will contribute to attaining the goals of a company since it makes the organization a better place for everyone.

6 0
3 years ago
Read 2 more answers
Future economic trends are not influenced by economic theories. True or false?
nikklg [1K]
That statement is false.
Economic theories will determine how companies see the market and will somehow affect the decision that they will make for the market.
This decision will influence the future economic trends because these companies usually are really forward thinkers. From this, we could draw a correlation between future economic trends and economic theories
5 0
3 years ago
So im 12 yrs old and i have been asked to babysit my neighbors two boys for 4 hours 5 days a week ( one 4 one 2 yrs old) since i
garik1379 [7]

<em>Babysitters make more in cities with a high cost of living. According to Care.com's study, the average hourly babysitting rate in San Francisco, for example, is $16.65, compared to the national average of $13.44 an hour. Babysitters in all of the 75 cities examined all made over $11 an hour.</em>

<em>Babysitters now bring in an average of $15.71 an hour, an increase from about $14.91 an hour in 2015, according to new data from childcare website UrbanSitter. Watching two kids comes with an hourly wage of at least $18, the site reported.</em>

<em>Babysitters make more in cities with a high cost of living. According to Care.com's study, the average hourly babysitting rate in San Francisco, for example, is $16.65, compared to the national average of $13.44 an hour. Babysitters in all of the 75 cities examined all made over $11 an hour.</em>

I would say at least half the amount an average babysitter would get paid because your 12. SO around 6.50 an hour would work. Professionally if she wants you to do anything around the house for the children like cleaning up after them, feeding them, supervising them, that comes with responsibility, if you don't think 6.50 is enough for an hour, then go with no more than 8 dollars. Someone your age in reality should get paid no more than an average person. Especially because the person is young, like yourself. Goodluck. :)

<em>There is not a set amount of money that an 11 year old kid can expect to earn working side jobs. For instance, 11 year old youngsters can expect to earn $5 and up at certain jobs like shoveling snow. There is, however, a limited amount of time that 11 year old can dedicate to working side jobs though.]</em>



3 0
4 years ago
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