Refer to the information above. What is the value of the exponent for uneducated labor (L)?
A) 0.75
B) 0.40
C) 0.35
D) 0.15
D
You might also like to view...
Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
What is the formula for the aggregate demand curve?
a. S + T + I + X – M b. C + T + G + X – M c. C + I + G + X – M d. S + I + G + X – M
Why do economists use the concept of elasticity in addition to measurement of the slope of the demand curve?
a. Mathematical equations are favored over graphical analysis. b. Elasticities are independent of the units of measure. c. The concept of elasticity can be used in other areas of economics, whereas the slope of the demand curve is only useful in demand analysis. d. These terms are interchangeable, but elasticity has the more professional sound.
A local restaurant offers an "all you can eat" Sunday brunch for $12. Jenica eats two servings but leaves half of a third helping uneaten. Why? Select one:
a. Her marginal value of brunch has fallen below $12. b. Her marginal value of additional food has fallen below $4.00 ($12 divided by 3 servings). c. Her marginal value of an additional bite of food has fallen to zero. d. The total value she places on brunch today exactly equals $12.