Microeconomics (13th Edition)
Microeconomics (13th Edition)
13th Edition
ISBN: 9780134744476
Author: Michael Parkin
Publisher: PEARSON
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Chapter 18, Problem 17APA
To determine

The wage rate in a competitive market.

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19. Canadians' New Focus on Thrift Canadian shoppers' shift to greater thriftiness has been unkind to retailers like Bikini Village and Le Chateau, which recently posted losses, but it may be a boon for budget stores like Dollarama Inc., which recently generated double-digit sales. Source: The Financial Post, July 3, 2011 Draw a graph to show the effect of increased thriftiness on sales at (i) Bikini Village and (ii0 Dollarama. Use the following information to work Problems 20 and 21. Boom Time For "Gently Used" Clothes Most retailers are blaming the economy for their poor sales, but one store chain that sells used name-brand children's clothes, toys, and furniture is boldly declaring that an economic downturn can actually be a boon for its business. Last year, the company took in $20 million in sales, up 5% from the previous year. Sales are already up 5% this year. Sources: CNN, April 17, 2008 20. a. According to news clip, is used clothing a…
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.
Make use of graph (one graph for each question) to describe briefly what the influence of each of the following would be on supply OR demand of labour: 1. An increase in students studying full time 2. An equal increase in the price and productivity of labour 3. A decline in the price of a substitute for a particular type of labour
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