Push-Up Machine

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    Supply of Labor (MFC or MRC)

    MFC=Marginal Factor Cost MRC=Marginal Resource Cost
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    Demand for Labor

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    Shifting Demand

    Indicate for A-E if: Marginal product incrases, decreases or stays the same. Price increases, decreases or stays the same Demand/MRP increases, decreases or stays the same.

    A. The price of electricity decreases

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    B. Stronger workers increases push-up output significantly

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    C. Consumers prefer energy generated by wind.

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    D. New and improved machines increase the amount of electricity each push up generates.

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    E. During the hot summer, consumers use more electricity.

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    13. DRAW on scratch paper an industry and firm in a perfectly competitive labor market.