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re: Waffle House workers are the latest group to strike, requesting $25 per hour
Posted on 10/4/23 at 8:57 pm to RogerTheShrubber
Posted on 10/4/23 at 8:57 pm to RogerTheShrubber
quote:
Market price is the price where supply and demand curves meet. Its not the actual price.
"Actual price" ? Is that a technical term ?
What's wrong with the definition I provided in response to your query?
And I'd really like to know how do I get a supply curve from price vs units sold data? Is that possible under any conditions and if so how do I do it?
Also a couple more. If I showed you a system of equations with all the endogenous variables on the left hand side all by themselves, what form is the system of equations in? What do you call the variables that aren't endogenous on the right hand side? And lastly, what shape do real world demand curves tend to take? Linear? Constant elasticity ? Something else?
I really hope you can clear up these questions I have about basic economics. I'm really eager to learn from the master!
0
Posted on 10/5/23 at 7:15 am to RogerTheShrubber
quote:
Increase prices or cut staff will be the primary reaction. When labor prices increase and all else remains the same, employers purchase less labor.
If you can increase prices after a production cost increase your pricing model was flawed. There could be a legitimate reason to be priced below market price but if you can raise prices and suffer no negative impact you were not priced right to begin with.
If you can lay off labor and suffer no loss you also were mismanaging your business.
Posted on 10/5/23 at 7:48 am to RogerTheShrubber
quote:
If you can increase prices after a production cost increase your pricing model was flawed - AwgustaDawg
Roger - without agreeing or disagreeing with the above statement, can you help me figure out what the classical vs. neoclassical economist's point of view would be on it? Would they each answer differently if shown that statement and asked if it were True/False (maybe they'd say it's not a simple True/False answer?), which would answer which, and why?
Looking forward to learning from the master!
This post was edited on 10/5/23 at 7:51 am
Posted on 10/6/23 at 7:59 am to RogerTheShrubber
Oh Roger, where are you?
Posted on 10/6/23 at 9:49 pm to SpidermanTUba
That's weird that Roger doesn't want to talk about economics anymore...
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