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Q: Explain Marshall’s analysis of elasticity.
A: Please find the answer below.
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![19.
A construction site employs 5 workers who work a six hour day. In economics the
daily supply of labour will be
А.
5 workers.
В.
6 labour hours.
С.
30 labour hours.
D.
All the workers employed plus the ones seeking employment.
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- 7. Wages and salaries comprise the price of labour. What happens to the market forlabour when immigration increases?(A) Demand rises; wages go up.(B) Demand declines; wages go down.(C) Supply rises; wages go down.(D) Supply declines; wages go up 8. Under a Malthusian paradigm, why do wars, pandemics, and famines cause a temporary increase in per-capita wealth? (A) The corporations associated with weapons, pharmaceuticals, and agriculture profit, thus increasing economic growth.(B) The available resources are shared between fewer individuals, since many have died.(C) The available resources increase in price, since demand rises.(D) Per-capita wealth never rises under a Malthusian paradigm. 13. According to Statistics Canada (base year=2002), the CPI in Canada for 1914 is 6. In 2020, the CPI is 137. Suppose that in 1914, $20.67 could purchase a custom tailored suit. How much is this in 2020 dollars?(A) $9.05.(B) $471.97.(C) $0.91.(D) $4,719.65.6. Average nominal wages are higher in large cities than small cities. This is consistent withA. Large cities are more productive.B. Large cities are more skilled.C. Wages aside, large cities are less attractive places to live.D. All of the above.Chose the trrue statement. a. Sincce the mid 1800ss , Unitedd States of America has experienced substantial migration in workforce in the following order: From service sector to agriculture, and then from agriculture to manufacturing. b. Moderniization or advances in technology, and smarrter processes are example factors that have increased manufacturing productivity in the US. c. The Clarrk-Fisher hypothhesis implies that as productivity increases in one sector, the labor force moves to another sector. d. b and c are true.
- 1. When one of the factors of production is fixed in quantity or is difficult to increase, increasing other factors of production will result in a less than proportionate increase in output 2. It is the capacity of a commodity to satisfy human wants during its utilization1. Over the news, we have seen the exodus of unemployed migrant workers. They brought stories of struggles and sorrows on the future of their families. Most of the returning Overseas Foreign Workers (OFW) are the bread-winners of their families. Now they are unemployed they have to tighten their belts to make both ends meet. However, we have not heard much about the senior citizens who are the more vulnerable sector of society. With prices going up and a general advisory for them to refrain from going outside their quality of life is deteriorating. Therefore discuss what are the economic impacts of the current situation that posed problems/challenges to senior citizens.Home has 1200 units of labor available. It can produce two goods, apples and bananas. The unit labor requirement in apple production is 3, while in bananas production it is 2. There is now also another country, Foreign, with a labor force of 800. Foreign’s unit labor requirement in apple production is 5, while in bananas production it is 1. a) When all the labor in Foreign country only produce apples, how many units of apples can be produce? b) When all the labor in Foreign country only produce bananas, how many units of bananas can be produce? c) What is the opportunity cost of apples in terms of bananas in Foreign country?
- You just got a job in Washington, D.C. You move into an apartment with some acquaintances. All your roommates, however, are slackers and do not clean up after themselves. You, on the other hand, can clean faster than each of them. You determine that you are 70 faster at dishes and 10 faster with vacuuming. All of these tasks have to be done daily. Which jobs should you assign to your roommates to get the most free time overall? Assume you have the same number of hours to devote to cleaning. Now, since you are faster, you seem to get done quicker than your roommate. What sorts of problems may this create? Can you imagine a trade- related analogy to this problem?Home has 12,000 units of labor available. It can produce two goods, apples and bananas. The unit labor requirement in apple production is 100, while in banana production is 75. There is now also another country, Foreign, with a labor force of 18,000. Foreign’s unit labor requirement in apple production is 120, while in banana production is 150. If w=2w* , what goods should Home produce? What should Foreign produce?10- Production possibility concept is useful in macroeconomics to ____________. a. Know the production possibility of one product b. All of the options c. Know the production possibility of a nation d. Know the production possibility of a company
- Answer your friend who claims that; Do you agree/disagree with these statements,explain your reason. 1) housing boom in Japan is unbelievable due to its declining population (Table 3). 2) The condominium prices are determined by the building costs by the construction companies rather than financial condition of buyers. The condominium prices 3)are similar to those in other property types (Table 1) and 4)do not change largely regionally across Japan (Table 2). 5) population changes do have similar effects on house prices in large cities and rural areas in Japan.Quantity of Gold Bars (in thousands) Extraction Cost (in millions of dollars) User Cost (in millions of dollars) 0 $ 10 $ 5 1 15 5 2 20 5 3 25 5 4 30 5 5 35 5 The table shows the quantity of gold bars in thousands, the extraction cost for each thousand bars (in millions of dollars), and the user cost of each thousand bars (in millions of dollars) facing the OZ Mining Company this year (all costs are marginal). Suppose that a new government regulation is going to shut down OZ's mining operation one year from now. If the current price per bar of gold is $15,000, how many bars (in thousands) should OZ extract and sell this year? Multiple Choice 2 0 1 As many as possible19. Assuming England has 60 man-hours (mhrs) of labor resource available for production, and labor is the only resource, the per unit resource cost of cloth in England is ____ mhrs/yard. (Please do NOT reduce fractions to decimals.)
