Principles of Microeconomics, California Edition
2nd Edition
ISBN: 9780393622102
Author: Dirk Mateer, Lee Coppock
Publisher: NORTON
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Question
Chapter 14, Problem 9SP
(a)
To determine
Impact of bumper crop on the
(b)
To determine
Impact of bumper crop on the marginal product of workers who harvest the crop.
(c)
To determine
Impact of bumper crop on the demand for workers who harvested the crop.
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A gasoline station very near a professional football stadium parks car to make money on game days. Last year it charged $4.00 per car and parked 1,000 cars. This year it raised the parking price to$ 6.00 and parked 800 cars. Calculate the total revenue. Did the station owner make a good economic decision in raising the parking prices from one year to the next?
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1. Draw a picture of the backward bending supply curve. Make it your individual supply curve with wages you would accept and the time you would be willing to work. Have at least five points that connect together to make a curve. Your curve can be drawn, or you can use excel to create a chart.
2. Explain your rationale for how you drew you labor supply curve.
Chapter 14 Solutions
Principles of Microeconomics, California Edition
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