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1 year ago

The law of ______________________________________ is the constant tendency to force the cost of labor back towards zero.

Social Studies

1 answer:

Butoxors [25]1 year ago

3 0

The law of value is the constant tendency to force the cost of labor back toward zero.

Labor economics, or labor economics, seeks to understand the functioning and dynamics of the wage labor market. Labor is a commodity offered by workers, usually in exchange for wages paid by sophisticated firms.

Labor is the amount of physical, mental and social effort expended in the production of goods and services in an economy.

Labor represents the human factor in the production of goods and services in the economy. Finding enough people with the right skills to meet the growing demand. This often leads to higher wages in some sectors.

Learn more about labor here:brainly.com/question/453055

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2 years ago

Use the midpoint method to calculate the price elasticity of demand for potato chips that increased in price from $2.00 to $3.00

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$e_p$ ≅ -1.7.

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Let's calculate the change in quantity:

$\frac{Q_2 - Q_1}{\frac{Q_2+Q_1}{2} } = \frac{50-100}{\frac{50+100}{2} } = (approx.) -0.67.$

Let's now calculate the change in price:

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