The Long-Run Aggregate Supply curve represents the full employment capacity of the economy and depends on the amount of resources available for production and the available technology.
<h3>What is Long-Run Aggregate Supply Curve?</h3>
The Long-Run Aggregate Supply (LRAS) Curve depicts the relationship between price level and real GDP that would exist if all prices, including nominal wages, were completely flexible. Along the LRAS, prices can move, but production cannot since it represents the output of full employment.
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Answer:
Variable cost per unit= $0.10
Explanation:
Giving the following information:
Cost Machine Hours
March $3,106 15,176
April 2,668 9,558
May 2,892 11,947
June 3,538 17,899
<u>To calculate the variable cost under the high-low method, we need to use the following formula:</u>
Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)
Variable cost per unit= (3,583 - 2,668) / (17,899 - 9,558)
Variable cost per unit= $0.10
Answer: unfreezing
Explanation:
The unfreezing stage of Lewis change process is being regarded as the first stage of change, and in this stage, an organization is being prepared and accept that change is inevitable and necessary and that existing status quo should also be broken.
This is illustrated in what Mr. Henshaw, CEO of MBA Bank did, by deciding that the organization needs to provide more convenient service to customers.
Those who're running are described as hired and people who aren't running however actively in search of paintings are described as unemployed.
The required details for Unemployment in given paragraph
Unemployment, in keeping with the OECD now no longer being in paid employment or self-employment however presently to be had for paintings all through the reference period. Unemployment is measured through the unemployment rate, that's the range of those who are unemployed as a percent of the hard work force (the overall range of humans hired introduced to the ones unemployed). Unemployment and the fame of the financial system may be stimulated through a rustic thru, for example, financial policy. Furthermore, the financial authority of a rustic, along with the relevant bank, can have an impact on the supply and price for cash thru its financial policy. In addition to theories of unemployment, some categorizations of unemployment are used for extra precisely modelling the consequences of unemployment within side the financial system. Some of the principle styles of unemployment include structural unemployment, frictional unemployment, cyclical unemployment, involuntary unemployment and classical unemployment.
Structural unemployment specializes in foundational troubles within side the financial system and inefficiencies inherent in hard work markets, which include a mismatch among the deliver and call for of people with important talent sets. Structural arguments emphasize reasons and answers associated to disruptive technologies and globalization.
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The assumption in perfect competition that there is an easy entry and exit from the market implies that firms will make a zero economic profit in the long run.
<h3>Why do firms make a zero economic profit?</h3>
In a pure competition, companies are allowed to freely enter and leave.
They take advantage of this to enter a market when prices are high and economic profit is being made.
As more firms enter, the economic profit keeps decreasing as prices decrease until this profit gets to zero and then turns to economic losses.
At this point, some firms will leave the market to stop making losses. When they do, the supply will decrease which leads to prices rising once more.
The cycle will then repeat itself and keep the companies at a zero economic profit in the long run.
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