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natima [27]
3 years ago
9

firm uses both labor and machines in production. Explain why an increase in the average wage rate causes both a movement along t

he demand curve and a shift of the demand curve. An increase in the average wage causes a movement
Business
1 answer:
lara31 [8.8K]3 years ago
4 0

Answer:

The answer is explained below

Explanation:

When a firm increases the average wage rate, the firm would employ fewer workers causing a movement up along the demand curve and a shift to the left of the labor demand curve. As wage increase, the firm production will reduce because of a decrease in number of staffs, the causes the number of machines needed for production to reduce causing the marginal product of labor to shift to the left. The labor demand is further reduced, the firm then employ less labor at a higher wage.

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The laissez faire model is inspired by the work of which economic philosopher?
Vitek1552 [10]

Laissez faire model was inspired by John Stuart Mill's book "Principles of Political Economy" (1848). This model states that the government should not be heavily involved in the market, and should have a hands off approach.

I hope this helped! :)

3 0
2 years ago
When evaluating advertising results, what technique can be used to measure consumer's beliefs or feelings about a product before
dolphi86 [110]

When evaluating advertising results, the Attitudinal measure technique can be used to measure consumers' beliefs or feelings about a product before and after exposure to the ad.

<h3>What are Pre-testing and post-testing in advertising?</h3>

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8 0
1 year ago
I collect baseball cards. I do not sell any cards and I let my collection grow. The number of cards in my collection grows at 5%
Elena L [17]

Answer: 14.4 years

Explanation:

You can use the Rule of 72 to find out.

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The formula is:

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= 72 / 5

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7 0
3 years ago
Which type of business is owned by a small pool of investors?
skelet666 [1.2K]

A limited partnership is owned by a small pool of investors; if there is only one owner, then it is a sole proprietorship.

5 0
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strojnjashka [21]
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3 years ago
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