Answer:
2.75, elastic.
Explanation:
Measure labor supply elasticity of Individual T's as follows :
Therefore, the elasticity of the labour supply of Individual T's is approx. of earnings per hour. <u>2.75</u>, meaning that the work supply of Person T's is <u>elastic</u> across this wage range
Answer:
Play miniature golf instead of renting the movie.
Explanation: Marginal utility is the added satisfaction derived from spending an extra unit of money.
Now we can see that the consumer values time at $12 per hour, and they'll spend a total of $24 on watching the DVD because this will take 2 hours, the consumer will also spend just $12 on miniature golf because this takes just one hour.
Now factoring the costs of the DVD and the miniature golf into the equation, we have:
Total cost of renting and watching the DVD:
$4 + $24 = $28
Total cost of playing miniature golf:
$13 + $12 = $25
We can see that the consumer will spend less in playing miniature, while getting the same marginal utility with the other option.
The free enterprise system can produce unfavorable effects when they reduce competition and protect inefficient competitors.Also,results are annoying when costs of legal intervention are greater than benefits for the consumers.
I hope it helps.
Thank you
Based on the type of customers that both companies served, this is a <u>horizontal merger. </u>
<h3>What is a horizontal merger?</h3>
- This refers to a situation where companies in the same industry but with different market targets combine.
- This is often done to increase market share and efficiency.
North American Van Lines and Allied Van Lines targeted different customers so when they merged, this was a horizontal merger.
Find out more on horizontal mergers at brainly.com/question/1807854.
