By Campbell McConnell, Stanley Brue, David Macpherson

Contemporary exertions Economics 11e offers hard work economics as an utilized box of micro and macro thought, now not a space tangential to the middle of analytical economics, yet really a severe element of that center. within the 11th version, the authors convey new and up to date discussions of public coverage matters and insurance of the present monetary quandary, whereas nonetheless integrating conventional themes corresponding to exertions legislation, constitution of unions, and collective bargaining.

SmartBook is the 1st and simply adaptive studying event to be had. SmartBook adjustments analyzing from a passive and linear adventure, to a fascinating and dynamic one, during which scholars usually tend to grasp and maintain very important innovations, coming to category greater ready. stories supply perception as to how scholars are progressing via textbook content material, and are precious for shaping in-class time or assessment.

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Indifference curves embody several salient properties. 1 Negative Slope The indifference curve slopes downward because leisure and real income from work are both sources of utility or satisfaction. In moving southeast down the curve, some amount of real income—of goods and services—must be given up to compensate for the acquisition of more leisure if total utility is to remain constant. Stated differently, the indifference curve is downward-sloping because as an individual gets more of one good (leisure), some of the other good (real income) must be surrendered to maintain the same level of utility.

2 Thus we can draw a budget (wage) constraint line, which shows all the various combinations of ­income (goods) and leisure that a worker might realize or obtain, given the wage rate. 4. Given the $1 wage rate, at the extremes an individual could obtain (1) 24 hours of leisure and no income or (2) $24 of income and no leisure. The line connecting these two points reveals all other attainable options: $8 of income and 16 hours of leisure, $12 of income and 12 hours of leisure, and so forth. Observe that the absolute value of the slope of this budget line is 1, reflecting the $1 wage rate.

2 percent in 2014. b. Workers at the Sleepy Eye grain elevator are paid $10 per hour. c. The productivity of American workers as a whole increased by more than 2 percent per year in the last decade. d. The money or nominal wages of nursing aides increased by 2 percent in 2014. e. The Alpo dog food plant in Bowser, Indiana, laid off 15 workers last month. Why must the concepts of supply and demand as they pertain to product ­markets be modified when applied to labor markets? 5. What is the relative importance of labor as an economic resource?

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