Business, 06.08.2019 02:10 igtguith

The brain surgeons’ brotherhood faces an own-wage elasticity of demand for their labor that equals –0.1. the dog catchers’ international faces an ownwage elasticity of demand for their labor that equals –3.0. suppose that leaders in both unions push for a 20 percent wage increase but have no power to set employment levels directly. why might members of the dog catchers’ international be more wary of the targeted wage increase?

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Dog Catchers 'International members should be more cautious about salary increases because their labor demand elasticity is greater than Brain Surgeons' Brotherhood labor demand elasticity.

Demand elasticity is a concept that measures the sensitivity of demand to price changes. When elasticity is greater than 1, we say that demand is elastic, that is, sensitive to price changes. This is the case with Dog Catchers' International. When elasticity is a value between 0 and 1, we say that demand is inelastic, that is, little sensitive to changes in price. This is the case with Brain Surgeons' Brotherhood.

Thus, Brain Surgeons' Brotherhood employees have greater bargaining power in wage bargaining, as wage variation does not significantly reduce the demand for labor. However, in the case of Dog Catchers' International, the demand for work is more sensitive to the price of wages, so these workers have less bargaining power. If they demand too much, they will be unemployed.

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The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

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d) social security number

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