Price P 1 D Qi Quantity f fewer college students decide to pursue a nursing degree, we vould expect O an decrease in the demand for substitutes for nursing services. O healthcare costs to decrease.. O the wages of nurses to decrease. O the wages of nurses to increase.
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If fewer college students decide to pursue a nursing degree, the supply of nurses will decrease and the wages of nurses will increase.
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- What is the formula for the wage elasticity of labor supply?"There's two things driving the prices," says wool general manager for PGG Wrightson, Grant Edwards. "One, it's the sporting apparel. We've had a huge increase in merino wools going into that sporting apparel. Also we're still seeing a strong benchmark from that Italian market, the suiting market. Plus we're seeing diminishing merino numbers around the world."November 2017 How is the number of sheep impacting on the wool market?"There's two things driving the prices," says wool general manager for PGG Wrightson, Grant Edwards. "One, it's the sporting apparel. We've had a huge increase in merino wools going into that sporting apparel. Also we're still seeing a strong benchmark from that Italian market, the suiting market. Plus we're seeing diminishing merino numbers around the world."November 2017 How are the sporting apparel and the Italian suit markets impacting on the wool market?
- explain the concept of inelastic demand while cproviding an exampleQUESTION 18Which of the following factors will not shift the supply curve of nurses?OA. The government offers subsidies for nursing schools or nursing studentsOB. Population grows when birth rates exceed death ratesOC. More women working outside of the homeOD. A change in salarySoft-drink firms produce both cola and flavored water. Which of the following events increases the supply of cola?The supply of cola increases when ________.A.the price of flavored water risesB.the price of a bottle of cola risesC.a new technology that lowers the cost of making cola is usedD.the wage rate paid to soft-drink workers increases
- 1. Trek Inc., which sells bikes, changed the price of their foldable bikes from P3,000 to P3,500. As aresult, the quantity of their product sold went from 700 bikes to 500 bikes. Compute for the priceelasticity of demand. Indicate whether the product’s demand is elastic or inelastic. 2. Miko is a collector of matchbox cars. He used to buy five (5) cars every payday. However, whenhis income was raised from P17,000 to P20,000, he started to buy 10 cars. What is the incomeelasticity of demand?A country is about to let refugees in, but current residents are strongly against it. They are afraid that the wages of low-skilled workers will fall if there is an increase in the available workforce. It is estimated that the country can let in 35,00035,000 refugees, but only 60%60% of them are expected to look for a job. The wage elasticity of labor demand is −0.5−0.5. In the country’s labor market, there are 689,500689,500 low-skilled workers.Calculate the expected wage drop as a percentage, using the midpoint method. Enter your answer as a negative number in the box below and round to one decimal place throughout your calculations.e. Assume the price decreases from $20 to $12. i. Calculate the price elasticity of demand. Show your work. ii. In this price range, is demand perfectly elastic, relatively elastic, unit elastic, relatively inelastic, or perfectly inelastic? Price
- 1. Examples of unitary Income elasticity. 2. What is less than unitary of income elasticity of demandCase study: Government interventionThe price of raw sugar recently reached its highest level since 1981 due to problems with supply. Historically, rawsugar has traded at between 10 and 12 US cents per pound at the New York Board of Trade. But the price increased toover 18 cents last month.Growing demand in Brazil for sugar to be turned into ethanol for fuel, coupled with a sharp fall in Indian productionhave both been factors in the price increase.Sugar production in India for 2008-09 fell 45% year-on-year due to less rain in the monsoon season damaging anumber of agricultural crops.The London-based International Sugar Organisation predicts that global consumption of sugar is likely to outstripproduction by 9m tonnes next year, forcing food companies and governments to dig into stockpiles. In the US, snackproducers including Mars, Nestlé and Krispy Kreme Doughnuts put pressure on the US government to relax importcontrols, warning that otherwise they might run out of sugar.Commentators…Case study: Government interventionThe price of raw sugar recently reached its highest level since 1981 due to problems with supply. Historically, rawsugar has traded at between 10 and 12 US cents per pound at the New York Board of Trade. But the price increased toover 18 cents last month.Growing demand in Brazil for sugar to be turned into ethanol for fuel, coupled with a sharp fall in Indian productionhave both been factors in the price increase.Sugar production in India for 2008-09 fell 45% year-on-year due to less rain in the monsoon season damaging anumber of agricultural crops.The London-based International Sugar Organisation predicts that global consumption of sugar is likely to outstripproduction by 9m tonnes next year, forcing food companies and governments to dig into stockpiles. In the US, snackproducers including Mars, Nestlé and Krispy Kreme Doughnuts put pressure on the US government to relax importcontrols, warning that otherwise they might run out of sugar.Commentators…
