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attashe74 [19]
2 years ago
6

In July, 2013 the consulting firm Mercer released results from a survey where workers in the U.S. expected a 2.9% increase in pa

y in 2014. Assuming this occurs and it was the only development in the labor market that year, how would this affect the AS curve
Business
1 answer:
Sliva [168]2 years ago
7 0

Answer:

A 2.9% pay increase in 2014 for U.S. workers will cause the AS (aggregate supply) curve to shift inward in the short-run, signaling a decline in the quantity supplied.

Explanation:

The supply quantity declines because a pay increase increases suppliers' cost of production and reduces their ability to produce more goods and services.  On the contrary, a fall in workers' pay causes the aggregate supply curve to shift outward, thereby increasing the quantity supplied.  In the long-run, the pay increase will increase aggregate demand, thereby pushing prices to increase, while, at the same, suppliers try to increase the quantity supplied to meet with increased prices and demand.

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All of these are functions of money EXCEPT :________
tino4ka555 [31]

Answer:

c

Explanation:

it doesn't make sense to be a function of money

8 0
2 years ago
f the price of a slice of pizza rises from $2.50 to $3, and quantity demanded falls from 10,000 slices to 7,400 slices, calculat
Schach [20]

Answer:

arc price elasticity = -1.64

Explanation:

arc price elasticity = (change in quantity x average price) / (change in price x average quantity)

  • change in quantity = 7,400 - 10,000 = -2,600 units
  • average price = ($2.50 + $3) / 2 = $2.75
  • change in price = $3 - $2.50 = $0.50
  • average quantity = (10,000 + 7,400) / 2 = 8,700 units

arc price elasticity = (-2,600 x $2.75) / ($0.50 x 8,700) = -7,150 / 4,350 = -1.64

7 0
3 years ago
The publisher of an economics textbook finds that, when the book's price is lowered from $70 to $60, sales rise from 10,000 to 1
ankoles [38]

Answer:

Price elasticity of demand = 2.6

Explanation:

Given:

Old price (P0) = $70

New price (P1) = $60

Old sales (Q0) = 10,000 units

New sales (Q1) = 15,000 units

Computation of Price elasticity of demand(e):

Midpoint method

e=\frac{\frac{Q1-Q0}{\frac{Q1+Q0}{2} } }{\frac{P1-P0}{\frac{P1+P0}{2} } }

By putting the value:

e=\frac{\frac{10,000-15,000}{\frac{10,000+15,000}{2} } }{\frac{60-70}{\frac{60+70}{2} } }\\e=\frac{\frac{-5,000}{\frac{25,000}{2} } }{\frac{-10}{\frac{130}{2} } }\\

e=\frac{\frac{-5,000}{12,500} }{\frac{-10}{65} }

e =  2.6

7 0
3 years ago
How is everyones day? Make sure you haven eaten or drank something!
Fudgin [204]

Answer:

the day is good

Explanation:

im not dead i need a crown please

7 0
2 years ago
Read 2 more answers
Individuals who want to work, but have given up searching for a job because of limited prospects, are known as.
Iteru [2.4K]

Individuals who want to work, but have given up searching for a job because of limited prospects, are known as discouraged workers.

<h3>Who are discouraged workers?</h3>

Discouraged workers are labour who are above 18 years and below 60 years but have given up on ever finding a job and thus are not actively searching for a job.

Discouraged workers are not counted as part of the labour force and they are not considered to be unemployed.

To learn more about unemployment, please check: brainly.com/question/10940465

6 0
2 years ago
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