Difficulty hiring and keeping good employees
They talk about it in the video
If an economy is in short-run equilibrium that is below potential, the forces that will bring the economy to long-run equilibrium are new price level, nominal salaries, prices, and perceptions decrease.
Real GDP equilibrium and the short-run price level are determined by the junction of the economy's aggregate supply and demand curves. Its long-run equilibrium is determined by where aggregate demand and aggregate supply intersect.
The concept of the long run states that all markets are in equilibrium, all prices have fully adjusted, and all quantities are in equilibrium. The short-run, in contrast, is characterised by some limitations and a partial state of market equilibrium.
When enough time has passed and no factors have been fixed, the overall supply shifts from the short to the long term. Then, the new short-run and long-run equilibrium states are contrasted with that condition of equilibrium.
To learn more about equilibrium here
brainly.com/question/28081379
#SPJ4
Answer:
a) elastic
Explanation:
Elasticity is a microeconomic concept that aims to measure the sensitivity of demand for savings to changes in interest rates. When calculating elasticity is a result greater than 1, the demand for savings is said to be elastic (interest-sensitive). Thus, slight interest rate variations will be sufficient to increase savings deposits. This is because people stop consuming to save and earn interest income. When the value is less than 1, savings are inelastic - little interest-sensitive. Thus, interest rate changes would not affect savings. This means that interest earned on savings is not attractive and people prefer to invest their money. in the consumption of goods and services.
This relationship is not fully known to economists in the long run, but in the short run there is a direct relationship between rising interest rates and increasing savings deposits. Thus, it is said that in the short term, the demand for savings is elastic at the interest rate. With each interest rate increase, the savings deposit rate increases.
Answer:
Opportunity cost relating to time
Explanation:
Opportunity cost refers to the benefits foregone of a non chosen option when a choice is made and an option is chosen.
The concept of opportunity cost relates to the sacrifice made of one option to pursue another option since both cannot be chosen at a time.
In the given case, Mr Brown is desirous of attending a musical concert but is scheduled to work for the same time and duration as the concert. So he can either work or go for the concert. Attending the concert would mean loss of income for hours worked instead.
Answer: $1750
Explanation:
Given Data
Earnings = $44/ hr
Overtime Earnings = 1.5 times Of $44
= $66
Hours worked during the week = 55 hrs
Social security tax rate = 6.0%
Medicare tax rate = 1.5%
Federal income tax = $633
Therefore:
Gross pay = Normal pay + overtime pay
Normal pay
= $44 * 40 hrs
= $1760
Overtime pay
= $66 * 15 hrs
= $990
Gross pay = $1760 + $990
= $1750
Social security tax
= 0.06 * $2750
= $165
Medicare tax
= 0.015 * $2750
= $41.25
Total tax
= $633 + $41.25 + $165
= $839.25
Net pay
= $2750 - $839.25
= $1910.75
