Derived demand for labor depends on the market value or product price of the good or service (McConnell, Brue, & Flynn, 2011). The demand for labor depends on productivity of the market value of goods produced (McConnell, Brue, & Flynn, 2011). The production of products is done by laborers, or the labor demand, and the derived demand is from the demanded product that is done by the same laborers. The concept helps determine the demand for the labor of specific goods, what is needed, how much is needed and more (McConnell, Brue, & Flynn, 2011). A farmer would have to determine how much hay a herd of cows would need each day for feeding. The farm hands would have to collect the hay, place it in the troughs and bring in the cows to eat. So even though the farmer made the determination, the farm hands still had to execute the work as laborers. The supply of labor in the market can depend on factors like wage rates, globalization and education. The wage rates will increase at the same time the supply of labor increases. Real wage rates have been affecting the labor supply over the last twenty years. A competitive labor market, market supply and market demand determine the wage rate. For every additional employee or unit of labor added, the firms labor cost also increases, making the MRC of labor exactly equal to the market wage rate (McConnell, Brue, & Flynn, 2011). Globalization also affects the supply of labor as multinational companies start to establish new companies in…
Inverse Functions of Trigonometric Functions As high schoolers go their their teenage years of high school they learn from a variety of subjects. From math to science to history, there is a depth of knowledge to be learned. For math 3 and math 4, we are introduced to the world of trigonometry. So far, we have learned that there are currently three main trigonometric functions, cosine, sine, and tangent. But today I want to explore the other side of the trigonometric world, the inverse…
A++PAPER;http://www.homeworkproviders.com/shop/bus-640-week-5/ BUS 640 WEEK 5 BUS 640 WEEK 5, Week 5 DQ 1 Good Will in Price Bidding. Sometimes, a bidder on a work contract may bid lower than what would maximize his/her profit from the contract and the reason for that is to create goodwill (to increase expected future business from the buyer). How would you value the goodwill that is obtained in this way? DQ 2 New Product Introduction. Bayer Schering Pharma AG, Germany…
There are several ways that the long run differs from the short run in pure competition. First of all, pure competition is defined by involving a very large number of firms producing a standardized product, for example, corn, where each producer’s output is nearly identical to that of every other producer. Also, pure competition allows new firms to enter or exit the industry very easily. During the process of pure competition, the short run allows the industry to repose towards a specific…
C(Q1)=8(q1)2 → MC1=16q1 C(Q2)=10(q2) → MC2=10 P=(150-4q2)-4q1 → Using double slope rule find MR1 → P=(150-4q2)-8q1 P=(150-4q1)-4q2 → Using double slope rule find MR2 → P=(150-4q1)-8q2 Set MR=MC to find best response function for each firm Reaction 1: P=150- 8q1-4q2=16q1 q1=6.25-1/6q2 Reaction 2: P=150-4q1-8q2=10 q2= 17.5-1/2q1 B. Cournot Nash Equilibrium price =$72.72 Cournot Nash Equiiibrium quantity= 3.63+15.68 → 20.63 C(Q1)=8(q1)2 → AC1=8(q1)2/q1 → AC1=8q1 C(Q2)=10q2 → AC2=10…
the problem given to them and their reasoning for this answer. In essence, I was hoping to target students’ knowledge of inverse functions and how they applied it to solving a situational problem. More specifically, if they were able to find the error in a solution of an inverse algebraic problem and explain their reasoning for this error. Moreover, once a student was able to state their response, I questioned their thinking and reasoning behind it in the hopes that they would use their prior…
Fundamental Theorem of Calculus The Fundamental Theorem of Calculus evaluate an antiderivative at the upper and lower limits of integration and take the difference. This theorem is separated into two parts. The first part is called the first fundamental theorem of calculus and states that one of the antiderivatives of some function may be obtained as the integral of the function with a variable bound of integration. The second part of the theorem, called the second fundamental theorem of…
John Gutmann was one of America’s most distinctive photographers. Gutmann was born in Germany where he became an artist. He later fled Germany due to the Nazi’s because he was a Jew. Gutmann moved to San Francisco and re-established himself as a photojournalist captivating the lives of Americans. He mainly took photographs of people who were imperfect like himself because of his Jewish nationality. Gutmann targeted the poor, circus folk, the gay community and the rich. Two of Gutmann’s works are…
The fundamental theorem of Calculus: The fundamental theorem of calculus asserts the interrelated properties of integration and differentiation. It says that a function when differentiated, can be brought back by integrating (anti-derivative) or a function when integrated, can be brought back by differentiation. First theorem: Let f be a function that is integrable on [a,x] for each x in [a,b], then let c be such that a≤c≤b and define a new function A as follows, A(x)=∫_c^x▒f(x)dt, if a≤x≤b.…
the equation & based off what I did I'm assuming that his possible answer came out not to be an real answer to his problem & that is mainly because the equation itself is not true when eighty one is inserted for the letter x in the default problem. Okay so basically for this particular problem we have to think of f of x as basically the y value if that makes sense. So this would mean that if you use addition for the number two & + to the letter y we will see the function go up by two. The…