HallL_HW6 - Lauren Hall ECON2600 CRN 12632 Homework 6...

This preview shows page 1 - 2 out of 2 pages.

Lauren Hall ECON2600 CRN: 12632 Homework 6 Chapter 13 Q1: It means that it is derived from and directly related to the demand for the product that the resources go to produce. Q7: As wage rates rise, the quantity supplied of labors also rises. Q14: a. The higher the elasticity of demand is for a product, the higher the elasticity of demand is for labor to make that product and vice versa. b. The higher the ratio is of labor cost to total cost, the higher the elasticity of demand is for labor. c. The more substitutes there are for labor, the higher the elasticity of demand is for labor. Working with Numbers and Graphs Q1: A: 9 I: 312 B: 8 J: 360 C: 7 K: 400 D: 6 L: 0 E: 5 M: 72 F: 120 N: 64 G: 192 O: 56 H: 256 P: 48 Q: 40 Q5: MRP2 because as the price of the product rises that labor goes to produce, so does the MRP. Chapter 17 Q5: An example could be driving a car; the private costs could include fuel, maintenance, and depreciation of the car. Social costs would be the air pollution that everyone else gets from the car being driven around in society.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture