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- Suppose June eats less microwavable dinner after graduating and getting a nice- paid job. Her demand for microwavable dinner does not obey the law of demand. True FalseAt an output level of 99, what is the cost minimizing combination of Labor and Kapital? At an output level of level of 154, what is the cost minimizing level of Labor and Kapital If the price of the product is $2.00, what is the profit maximizing combination of Labor and Kapital? What is the total profit?What happens to the supply curve when prices of factor of production rises
- Timur works 40 hours a week in a job with an hourly wage of 20 TL. Due to the pandemic, it decided to withdraw from the market after the hourly wage decreased to 15 TL. Show the income or substitution effect with the graph according to Timur's preferences and explain the graph.draw a budget line for a person who works 2000 hours a year today at 16$ per hour and expects to work 2000 hours in the future at the same wage. then show the effect on the graph if he increases his hourly wage to 50$an hourQ. 1 Analyze and graph the Product Effect and the Substitution Effect in labor demand in the face of an increase in labor price.
- Fountain pen and ink are Substitute goods. True/FalseCandice’s’ Cookies is a new cookie delivery company in Gainesville, Florida. The firm hires local college students to sell cookies door-to-door in higher income neighborhoods. Each of these “Sales Associates” sells cookies, which increases Candice’s Cookies’ total revenue, but must be paid an hourly wage. The graph below depicts Candice’s Cookies’ demand for labor curve when the retail price of a cookie is $2. Show Transcribed Text Part (i): Suppose that the retail price of a cookie is $2.50. What is the marginal product of the 4th Sales Associate? 1 cookie 2 cookies 3 cookies 4 cookies 5 cookies Part (ii): Suppose that the retail price of a cookie is $2.50. What is the marginal product of the 6th Sales Associate? 1 cookie 2 cookies 3 cookies 4 cookies 5 cookies Part (iii): Suppose that the retail price of a cookie is $2. What is the marginal product of the 8th Sales Associate? 1 cookie 2 cookies 3 cookies 4 cookies 5 cookiesPlease no written by hand and no image As producers increase their output, generally the factors of production will become less productive and therefore more costly for each additional unit. This explains the law of diminishing marginal utility income effect substitution effect law of supply law of demand
- Please help me find the marginal rate of substitution.(a) Explain the substitution and output effect of a decrease in price of labor from the attached figure (b) Explain the substitution and output effect of a increase in price of labor from the attached figureUsing your knowledge and understanding of supply and demand analysis to graph the following and explain your graph: (b) an increase in preference for work.
