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If the Price of Widgets Is $2 and the Real

question 119

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If the price of widgets is $2 and the real wage is $20 per hour then the firm must sell 10 widgets to cover the cost of an hour of labour.If the price of widgets falls to $1,how many widgets must the firms sell to cover the cost of an hour of labour?


Definitions:

Multivariate ANOVA

A statistical technique used to assess the differences among group means when there are two or more dependent variables.

Dependent Variable

A factor within an experiment or model anticipated to vary as a result of modifications in independent variables.

Univariate ANOVA

A statistical test used to compare the means of three or more unrelated groups on a single quantitative dependent variable.

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