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A vertical tube that is closed at the upper end and open at the lower end contains an air pocket. The open end of the tube is under the water of a lake, as shown in the figure. When the lower end of the tube is just under the surface of the lake, where the temperature is 37°C and the pressure is 1.0 × 105 Pa, the air pocket occupies a volume of 630 cm3. Suppose now that the lower end of the tube is at a depth of 86 m in the lake, where the temperature is 7.0°C. What is the volume of the air pocket under these conditions? The density of the water in the lake is 1000 kg/m3.
Market Wage
The prevailing pay rate for a specific job in the labor market.
Labor Supply
The total hours that workers in an economy are willing to work at a given wage rate.
Maximize Profits
The process or goal of achieving the highest possible profit margin through the efficient use of resources, pricing strategies, and cost management.
Equilibrium Price
The price point in the market at which the amount of goods being offered for sale matches the amount of goods buyers are willing to purchase.
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