Assignment: Elasticity and Labor Market Equilibrium-MT455

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Assignment: Elasticity and Labor Market Equilibrium   Student Name: In this Assignment, you will elaborate price elasticity of demand and supply in the short run and long run. You will evaluate factors that change equilibrium wage rate and employment level. Moreover, you will calculate total revenue product and marginal revenue product, and compare them with total cost and marginal cost in order to figure out optimal quantity of labor that should be hired to maximize profit. Instructions: Answer all of the following questions. You are required to follow proper APA format. Read the Criteria section below for more information before you begin this Assignment. 1. Is the price elasticity of demand for gasoline more elastic over a shorter or a longer period of time? Explain. Is the price elasticity of supply, in general, more elastic over a shorter or a longer period of time? Explain. 3. Why is the supply curve for labor usually upward sloping? Explain. In the graph below, assume that the...
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Assignment: Costs and Cost Minimizing Output-MT455

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Assignment: Costs and Cost Minimizing Output   In this Assignment, you will analyze fixed and variable costs of a small business. You will also evaluate optimal quantity of output that minimizes costs and maximizes profits. In this Assignment, you will be assessed on the following outcome: GEL-1.1: Demonstrate college–level communication through the composition of original materials in Standard American English. Assignment: Before answering the following questions, review the Assignment Checklist. Then, in a separate Word document, write a 1–2 page expository research paper answer the following questions based on the rule for minimizing costs of production in regard to a small business plan to minimize costs in order to increase productivity and maximize profits: 1. Pat’s Pizza Restaurant owner incurs various economic costs of production. Explain whether each of the following is an explicit cost or an implicit cost. Which of the two costs should Pat minimize to maximize his account profit? Payments for rented manufacturing equipment. A firm’s use of a warehouse that it owns...
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Assignment: Market Equilibrium and Taxes  -MT445-2 Paper                                                                                       

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Assignment: Market Equilibrium and Taxes   Student Name:   In this Assignment, you will examine different factors that affect supply and demand, and also supply and demand equations to calculate the equilibrium price and quantity. In addition, you will evaluate the effects of imposing per unit tax on market price, quantity and economic welfare. Instructions: Answer all of the following questions. You are required to follow proper APA format. Read the Criteria section below for more information before you begin this Assignment. In this Assignment, you will be assessed on the following outcome: MT445-2: Analyze the effects of changes in demand and supply on market equilibrium.   Analyze what would happen to equilibrium price and quantity in the market for Pepsi if the following occurred.  Briefly explain your answers. The price of Coke decreases. Average household income falls from $50,000 to $43,000 There are improvements in soft-drink bottling technology. The price of sugar increases and the Pepsi launches an extremely successful advertising campaign. Analyze the following demand and...
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