Q1 referring to the output and substitution effects explain, Ask an Expert

Economics

Q1. Referring to the output and substitution effects, explain why an increase in the wage rate for autoworkers will generate more of a negative employment response in the long run than in the short run. Suppose there are no productivity raise and no change in the price of non-labor resources.

Q2. Price (Pg): $10100 (tuition)
Quantity: 27868 (enrollment)
ε = -0.5 for price elasticity of demand
η = 2.0 for price elasticity of supply
if we increase price by 5% how much it will effect Q?

Q3. Explain the difference between macroeconomics and microeconomics.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9724241

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