Figure 7.1
-Refer to Figure 7.1. Start from initial equilibrium. If the economy experiences increased immigration, the new real wage could be ________ and the new amount of labor employed could be ________.
Definitions:
Amortization
The practice of systematically depreciating the initial cost of an intangible asset over its life span.
Economic Life
The estimated period over which an asset is expected to be productive or useful in generating revenue.
Patent Rights
Legal protections granted to inventors or assignees, giving them exclusive rights to use and commercialize their inventions for a certain period.
Double-Declining-Balance
A method of accelerated depreciation where an asset loses value at double the rate of its straight-line depreciation.
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