The cross elasticity of demand for senior workers is 1.5. Senior workers and entry-level workers are gross complements.
The scale effect dominates in this example.
If the wage of the entry level workers increase, the demand curve would shift to the right.
<h3>What is the crosss price elasticity?</h3>
Cross price elasticity of demand measures the responsiveness of quantity demanded of good A to changes in price of good B.
Cross price elasticity = 15% / 10 = 1.5
Complement goods are goods or resources that are used together. As a result of the decline in wages, senior workers would be laid off. This means that senior workers and entry level workers work together.
<h3>What is the effect on the demand curve if the wages of entry level workers increase?</h3>
If the wage of the entry level workers increase, the demand for senior workers wouuld increase. This would lead to a shift to the right of the demand curve for senior workers.
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Answer:
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Explanation:
Answer:
$22,750
Explanation:
Data provided
Fixed manufacturing overhead = $16,500
Units produced = 5,000
Variable manufacturing overhead = $1.25
The computation of the total amount of manufacturing overhead cost is shown below:-
Manufacturing overhead = Fixed manufacturing overhead + Variable manufacturing overhead
= $16,500 + (5,000 × $1.25)
= $16,500 + $6,250
= $22,750