For which of the following workers would the substitution effect be more likely to outweigh the income effect of an increase in wage?
a. air traffic controller
b. marketing manager
c. waitress
d. dentist
c
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A firm pays Pam $40 per hour to assemble personal computers. Each day, Pam can assemble 4 computers if she works 1 hour, 7 computers if she works 2 hours, 9 computers if she works 3 hours, and 10 computers if she works 4 hours. Pam cannot work more than 4 hours day. Each computer consists of a motherboard, a hard drive, a case, a monitor, a keyboard, and a mouse. The total cost of these parts is $600 per computer. If the firm sells each computer for $625, then how many hours a day should the firm employ Pam to maximize its net benefit from her employment?
A. 1 hour B. 3 hours C. 2 hours D. 4 hours
Explain why risk can be insured against but uncertainty cannot
What will be an ideal response?
International equilibrium occurs if the quantity of imports demanded by one country is equal to the quantity of exports supplied by the other country
a. True b. False Indicate whether the statement is true or false
Which factor always results in an increase in price and quantity?
A. an increase in supply with no change in demand B. an increase in supply and a decrease in demand C. a decrease in demand and supply D. an increase in demand with no change in supply