Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Microeconomics Expert

Economics


Home >> Microeconomics

Today when a composer wishes to record a six-minute musical composition written for an ensemble of 18 string instruments, one option is to pay about $50,000 for 18 musicians to product a professional recording. Another option is to pay $800 to firms such as Fauxharmonic Orchestra to create a recording using a computer program that re-creates the tones of the required 18 instruments. For most composers, this is an easy decision to make. As the price of computer-generated musical recordings has decreased, the demand for human musicians has declined.
What do you suppose has happened to the demand for string instruments used by performing musicians as a result of the decrease in demand for musicians' services?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M970695

Have any Question?


Related Questions in Microeconomics

Question costco typically pays its workers higher wages

Question: Costco typically pays its workers higher wages than does Wal-Mart. One analyst argues that Costco pays higher wages "because it requires higher-skilled workers to sell higher-cost products to more affluent cust ...

Question support you are the chair of feds board of

Question: Support you are the chair of Fed's Board of Governors at a time when the economy is heading into a recession and you are called to testify before a before a congressional committee. Write your explanation to an ...

Question some economists studying the effects of the

Question: Some economists studying the effects of the minimum wage law have found that it tends to reduce the employment of black teenagers relative to white teenagers. Does the graph in the Making the Connection help yo ...

Question some companies offer programs that give employees

Question: Some companies offer programs that give employees a financial reward if they successfully quit smoking. Is a company more likely to offer this if it self-insures or if it contracts its health care to an outside ...

Question despite the economic progress that the us has

Question: Despite the economic progress that the U.S. has observed in the past century, the standard of living remains extremely low in many countries. Consider the following regarding poverty in developing countries: • ...

Question a newspaper headline reads state officials take on

Question: A newspaper headline reads: "State Officials Take on Pricing Regulations to Try to Provide Better, Dependable Income to Dairy Farmers." Is providing dependable income to dairy farmers a good policy goal for gov ...

Question using the small open economy model illustrate and

Question: Using the small open economy model, illustrate and describe the likely effects of an economic crisis on a country's trade performance and balance of payments? The response must be typed, single spaced, must be ...

Question a how is full employment defined and why does the

Question: (A) How is full employment defined, and why does the full-employment rate of unemployment keep changing? (B) In December 1998, the BLS reported the following unemployment rates: 1. Unemployed over 15 weeks 1.1% ...

Question consider the market for education1 why might

Question: Consider the market for education. (1) Why might education exhibit positive externalities? (2) Describe a government policy to internalize the positive externality of education. Show the effect of the policy in ...

Question 1 identify and evaluate consequences of government

Question: 1. Identify and evaluate consequences of government price supports and subsidies in U.S. farming markets. 2. Do rent ceiling laws for apartments result in an efficient allocation of apartment units? Why or why ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As

Follow Us

© Copyright 2013-14 mywordsolution.com All rights reserved