Gloria is encountering pressure. In spite of the fact that uneasiness might be an aftereffect of weight, Gloria is encountering weight subsequently of her need to work longer hours to meet a due date.
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Assume that skilled labor costs twice as much as unskilled labor, a profit maximizing firm will hire until the marginal product of unskilled labor is half that of skilled labor.
A profit maximizing firm is a firm that tries to create products that are of good quality at the barest or smallest cost.
The marginal product falls after an additional amount of the resource has been added. It is the extra amount that is gained due to the addition of an extra unit.
Due to the fact that both the skilled and unskilled would decrease eventually, the company would have to hire both at equal marginal products.
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Answer:
C. farmers would not be able to sell all their wheat.
Explanation:
At a price of $4, quantity supplied exceeds quantity demanded. Quantity supplied is 73 while quantity demanded is 50. There is an excess supply over demand. Therefore, farmers would not be able to sell all their wheat.
Equilibrium price is $2. This is where quantity supplied equals quantity demanded.
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Answer:
The correct answer is C. the difference between the highest price a consumer is willing to pay and the price the consumer actually pays.
Explanation:
Consumer surplus arises from the law of diminishing returns. This means that the first unit to acquire we value it highly but as we acquire additional units our valuation falls. However, the price we pay for any unit is always the same: the market price. In this way, we enjoy a positive surplus of the first units we acquire until we reach the last one in which the surplus will be zero.
In graphic terms, consumer surplus is measured as the area below the market demand curve and above the price line. The demand curve measures the amount consumers are willing to pay for each unit consumed. Then, the total area below the demand curve reflects the total utility of consumption of the good or service. If the price we pay for each unit is subtracted from this area, the consumer surplus is obtained.
