What happens to the price and qty of shoes when new technology allows shoe manufacturing workers to be more productive  P  increases, Q decreases  P increases, Q Increases  P decreases, Q increases P decreases, Q decreases

Q: Using the knowledge of supply and demand analysis to graph the following and explain your graph:…

A: a) an increase in labor productivity would increase the demand for labor as the firms would want to…

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A: "Since you have asked multiple questions, we will answer only first question for you. If you have…

Q: Which of the following are examples of opportunity cost?  (please choose all the answers that are…

A: Opportunity cost refers to the best given up values among the alternate in the process of gaining…

Q: Define micro economics

A: Micro Economics is the study of a part of economy individually. It analyzes the market behavior of…

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A: The Canadian rice producers use a combination of land and labour and try to minimise costs. If the…

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A: Firms in the labor market represent the demand (dd) side of the labor services and households…

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Q: Which would decrease the demand for a particular type of labor? An increase in the prices of the…

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Q: The following graph shows the labor market in the fast-food industry in the fictional town of…

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Q: What is the difference between factor cost and market price? According to macro economics?

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A: The replacement of laborers with machinery is done to improve efficiency and decrease unit output…

Q: Companies don’t have to but many a times do pay higher than minimum wages? Explain each briefly.…

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Q: Discuss how firms choose how much output to produce.

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A: Equilibrium refers to the situation in which economic forces like demand and supply are balanced

Q: 20

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A: Equilibrium is achieved at the output level where Qs equals Qd.

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A: The question is related to the basics of the demand and supply model. Answers are as follows:

Q: the production fuction shows the volume of output that can produced from given inputs true false

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Q: Question 2. 1. Widget factory Inc. in Wisconsin has the following production function: F(L,K) = 2L/2…

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Q: Profit maximization may not be the goal of a business firm. What other goals might a business…

A: Profit maximization is one of the goal of business.

Q: Describe what happens to quantity of labor supplied when wages are at the equilibrium level, above…

A: The markets are the place where the buyers and the suppliers of the goods, and services tend to meet…