Examlex
If your purchases of shoes increase from 9 pairs per year to 11 pairs per year when your income increases from $19,000 to $21,000 a year, other things equal, for you, shoes are considered:
Marginal Revenue Product
The additional revenue generated from the sale of one more unit of a good or service produced as the result of one more unit of an input.
Wage Rate
The fixed amount of compensation or payment received by an employee from an employer in exchange for work or services performed.
Labor
Refers to human effort, whether physical or mental, used in the production of goods and services.
Derived Demand
The demand for a good or service that results from the demand for a different, or intermediate, good or service.
Q48: If you know the cross-price elasticity between
Q99: The Atlanta Symphony wants to make sure
Q125: A maximum price set below the equilibrium
Q164: (Table: Market for Fried Twinkies) Look at
Q176: Figure: The Market for Hybrid Cars<br>(Figure: The
Q181: Suppose the government imposes a $4 per
Q229: Figure: An Excise Tax<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1063/.jpg" alt="Figure:
Q233: If an excise tax is imposed on
Q242: If the government imposes a $5 excise
Q246: If the demand curve is downward sloping