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ira [324]
3 years ago
13

If for a given individual, between a wage rate of $20 and $25 the ____________________ effect outweighs the ________________ eff

ect, the individual's supply curve of labor curve between those two wages will be _________________.
Business
1 answer:
lakkis [162]3 years ago
5 0

Answer:

Substitution Effect outweighs Income Effect ; Labour Supply Curve between wages will be upward sloping. OR :-

Income Effect outweighs Substitution Effect ; Labour Supply Curve between wages will be backward bending

Explanation:

Relationship between wage rate & labour supply can be explained by two effects :

  • Substitution Effect : Higher wage means more opportunity cost of leisure, so labourer would substitute leisure by working hours. This would imply increased labour supply.
  • Income Effect : Higher wage means more income. At higher income, consumer demands more of all goods, including leisure. So that would imply labourer preferring more leisure, decreased labour supply.

Wage rate change from $20 to $25 is a case of wage rate increase

If substitution effect > income effect, labour supply would increase as a result of wage rise ( from $20 to $25). So, the labour supply curve would be upward sloping

If income effect > substitution effect, labour supply would decrease as a result of wage rise ( from $20 to $25). So, the labour supply curve would be backward bending

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Suppose that an economy consists of only two individuals. Jeremy has $1690 available to spend on goods. He decides to purchase $
Zigmanuir [339]

Answer:

$470

Explanation:

The calculation of the economy income is given below:

Since $1,690 spend on goods and then he decided to purchase for $470 in order to generate it

So here we can see that there is one and only economic activity that took place at the present quarter that is of $470

Therefore the economy income is $470

6 0
2 years ago
A person sold a house for Tzs 475 and incurred a loss of 5%.at what price would it been sold so as to earn a profit of 8%
scZoUnD [109]

Answer:

Tzs 540

Explanation:

The selling of Tzs 475 results in a 5% loss.

It means Tzs 475 represents 95% of the cost price.

The cost price is equal to 100%.

If 95% = Tzs 475, 100 % = ?

=Tzs475/95 x 100

=Tzs 5 x 100

The cost price =Tzs500

To make 8% profits, the selling price will have to be

=Tzs 500 +( 8/100 x 500)

=Tzs 500 +( 0.08 x 500)

=Tzs =500 + 40

=Tzs 540

5 0
2 years ago
Define the term business leadership​
podryga [215]

Answer:

business leadership​

is the capacity of a company's management to set and achieve challenging goals, take fast and decisive action when needed, outperform the competition, and inspire others to perform at the highest level they can.

Explanation:

4 0
3 years ago
A company plans to sell 5,700 units in June. The company has 855 units in beginning inventory and has a target of 900 ending inv
Katarina [22]

Answer:

5,745 units

Explanation:

As we know that

Number of units produced = Estimated units sold + ending inventory units - beginning inventory units

= 5,700 units + 900 units - 855 units

= 5,745 units

We simply added the ending inventory units and deduct the beginning inventory units to the Estimated units sold so that the number of units produced could come.

4 0
3 years ago
An investment of $1,000 is earning interest at the rate of 3.8% compounded daily over 3 years. Approximately how much interest i
Paladinen [302]
<span>Approximately $120.75 interest is earned on the investment.</span>

 

The correct answer between all the choices given is the third choice or letter C. I am hoping that this answer has satisfied your query and it will be able to help you in your endeavor, and if you would like, feel free to ask another question.

7 0
3 years ago
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