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:
Ans. Your monthly payments will be $1,602.37 ; The effective annual rate is 5.33%
Explanation:
Hi, first, we need to convert this APR rate into an effective monthly rate, that is, dividing 0.052/12 =0.00433 (or 0.4333%). Then we need to use the following equation and solve for A.
Where:
PresentValue= 84,500
A = periodic payments (the monthly payments that you need to make)
r = 0.004333333
n=60 months
So, let´s solve for A.
Now, in order to find the effective annual rate, we need to use the following equation.
Notice that to find an effective rate you have to start with another effective rate, otherwise it won´t work. So everything should look like this.
Meaning that the equivalent effective annual rate to 5.2% APR is 5.33% effective annual.
Best of luck.
Answer:
Option E.
Explanation:
In free trade, a country with a comparative advantage in a good produces that good in the long-term. Therefore, if these people are working in an industry in which it has a higher opportunity cost i.e. it does not have a comparative advantage; they will eventually see job loss or fall in income or both. On other hand, when they purchase goods which has lower opportunity costs in foreign, they get access to these at a lower price and can purchase a higher quantity. So, these people are both harmed and benefitted by free trade.
Answer:
D
Explanation:
A minimum wage set above market's equilibrium wage increases the cost of hiring labour. so the demand of labour falls.
A minimum wage that is set above a market's equilibrium wage increases the income that would be earned by labour, so the supply of labour increases.
Because the increased supply for labour would not be matched with a corresponding increase in demand, there would be unemployment
The formula is
I=prt
I interest paid 1120
p principle 32000
T time 4/12
R annual percentage interest rate?
Solve for r
R=I÷pt
R=1,120÷(32,000×(4÷12))
R=0.105×100
R=10.5%
