Answer:
The greater labor's share of production costs, the <u>higher</u> elasticity of demand for labor.
When labor costs are a high share of total production costs, the elasticity of labor demand is higher. For example, customer service jobs like fast foods, or gas pumping, have high labor costs as a percentage of total production costs, and these sectors have a very elastic labor demand.
you would expect the demand for human ski instructors to be less elastic the demand for human factory workers.
In the year 2035, with robots having replaced most humans in factory jobs, occupations such as ski instructor, or dance instructor, or musician, would have a low labor demand elasticity because these skills are not easily learned, or easily replicated by a robot, meaning that the humans specialized in those jobs will be more demanded, and the demand for their labor will be more stable.
Answer:
In economics, capital refers to buildings and machines used in the production process.
The correct answer is B
Explanation:
In economics, capital is the totality of machines, tools, equipment and raw materials used in the production process.
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The correct statement includes the word: management.
Public relations is best considered a management function.
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Answer:
Rent-seeking is different from profit maximization because rent-seeking attempts to influence political process to gain an increased profit or income.
Answer:
$47,800
Explanation:
net cash outflow for the new machine = Cost of new machine - salvage value of old machine + tax ( salvage value of old machine - book value of old machine)
$70,000 - $18,000 + 0.3($18,000 - $32,000)
$70,000 - $18,000 + (0.3 × $-14,000) = $47,800
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