There Are Fifteen Sales-People That Work for a Local Company

question 29

Short Answer

There are fifteen sales-people that work for a local company. The company needs to send one sales-person to Hawaii, one sales-person to Florida, and one sales-person to Ohio. No sales-person can go on more than one trip. How many different ways can the company send three of its employees on the
sales trips?

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Definitions:

Labor Supply Curve

The graphical representation showing the relationship between the different wage rates and the quantity of labor that workers are willing to supply.

Wage Rate

The amount of compensation a worker receives per unit of time, such as an hour or a week, for their labor.

Backward Bending

A curve, often related to the labor supply, indicating that beyond a certain wage level, as wages increase, individuals may choose to work fewer hours, prioritizing leisure over additional income.

Income Effect

The change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.