Answer and Explanation:
The computation of the midpoint elasticity is as follows;
Midpoint elasticity
= (Change in labor supplied ÷ Average labor supplied) ÷ (Change in wage rate ÷ Average wage rate)
= [(8 - 4) ÷ (8 + 4) ÷ 2] ÷ [$($45 - $35) ÷ $($45 + $35) ÷ 2]
= [4 ÷ (12 ÷ 2)] / [$10 ÷ ($80 ÷ 2)]
= (4 ÷ 6) ÷ ($10 / $40)
= 0.67 ÷ 0.25
= 2.68
As the elasticity is more than 1 so the supply of labor should be elastic
Answer:
B) The SRAS curve will shift to the right, and the short‐run Phillips curve will shift downward.
Explanation:
When the price of key inputs decreases, then the short-run aggregate supply (SRAS) curve shifts to the right, generally resulting in higher production levels (higher supply) due to lower production costs. On the other hand, when the price of key inputs increases, then the SRAS curve shifts to the left.
When inflation expectations decrease or SRAS curve shifts to the right, the short-run Phillips curve shifts to the left.
Answer:
$266,760
Explanation:
According to the problem, calculation of the given data are as follows,
Purchase value = $3,600,000
Depreciation for 1st year = 33.33%
Depreciation for 2nd year = 44.85%
Depreciation for 3rd year = 14.81%
So, Book value = Purchase value × ( 1 - depreciation of all years)
By putting the value we get,
Book Value = $3,600,000 × ( 1 - 33.33% - 44.45% - 14.81% )
= $266,760
Answer:
A. The number of houses that an individual owns
Explanation:
The use of normal distribution in option A would produce an error. That is the number of houses individuals own.
We know that people can own 1 house or more than 1 house or no house at all. But a person can never be said to have less than 0 houses.
Option a is going to be skewed positively. Using Normal distribution would give us an error.
Answer:
management science
Explanation:
Operations management refers to the area of management whose primary concern is the design and control of production as well as the redesigning of business operations.
It is a very important aspect of management. Advancement in management sciences leads to advancement in operations management.
