We can conclude that labor demand is unit elastic.
<h3>What is unit elastic demand for labor?</h3>
The elasticity of demand for labor measures how the quantity of labor demanded when there is a change in the wages of labor. The the elasticity of demad is unit elastic, it means that when the ratio of the percentage change in quantity demanded to the percentage change in wage is 1.
The elasticity of demand for labor = percentage change in quantity of labor demanded / percentage change in wages
10% / 10% = 1
Here are the options:
labor demand is highly elastic.
the coefficient of labor demand elasticity is less than 1.
labor demand is unit-elastic
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The answer is True. Hope this helps.
Answer:
the following life insurance policies that provides the highest benefit for the lowest premium and is simply a pure death benefit policy would be A. Term
Answer:
A Mary Kay consultant who deducts travel expenses and whose small customer base was mostly relatives who lived out of town.
Explanation:
A not for profit activity (or hobby) is something that you do simply because you like to do it and generally you should not make a profit from doing it.
A Mary Kay consultant is actually a salesperson whose job is to sell Mary Kay products. Whether she is able to make a profit or not is something different, but selling Mary Kay is actually considered work. Since they are independent consultants, they are considered independent contractors that must file their income taxes.
Answer:
a. As a result of this policy the Clinton corporation will loss the contribution margin
Contribution Margin = (Selling price – variable cost) * Number of units
= (95 – 88) * 10,000
= $77,000
b.The cost incurred by Clinton corporation by following this policy is Opportunity cost which is cost of forgone opportunity.
Opportunity cost = (Outside selling price – variable cost ) Number of units
=(133 – 88) * 10,000
= $450,000.
