The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is Qs = 0.02W - 200 and Qd = 500 - 0.02W, where W is the annual wage of a coal miner and Q is the number of coal miners. What is the inverse demand function for coal miners?
A. W = 0.02Q - 500
B. W = 0.02Q + 500
C. W = 25,000 - 50Q
D. W = 200Q + 50,000
C. W = 25,000 - 50Q
You might also like to view...
If the demand for recycled plastic is specified as QD = 100 – 2.5P, the slope of demand,as conventionally graphed, is
a. –2.5 b. –0.4 c. +100 d. none of the above
Refer to Table 2-4. Assume Dina's Diner only produces sliders and hot wings. A combination of 20 sliders and 60 hot wings would appear
A) along Dina's production possibilities frontier. B) inside Dina's production possibilities frontier. C) outside Dina's production possibilities frontier. D) at the vertical intercept of Dina's production possibilities frontier.
Explain what is meant by "derived demand" as it relates to factors of production
_____ looks at how an organization does its work: activities pursued to accomplish specific objectives for specific customers.
A. Job analysis B. Market analysis C. Job structure D. Supply chain analysis