In the United States, the labor share of national income has significantly declined since its peak in 1970. See the section 3-2 in the text for additional information. Offer your explanation for this trend. I suggest you frame your explanation in one of the following two ways: Option 1) using the conceptual theory in book, explain how/why factor prices for labor may have changed. Option 2) Explain why the conceptual theory in the book may be neglecting other important factors that determine the distribution of income. You do not need to write a comprehensive essay, a brief paragraph can be sufficient for full credit.

Jaynet spends $50,000 per year on painting supplies and storage space. she recently received two job offers from a famous marketing firm – one offer was for $95,000 per year, and the other was for $120,000. however, she turned both jobs down to continue a painting career. if jaynet sells 35 paintings per year at a price of $6,000 each: a. what are her accounting profits? b. what are her economic profits?

Bandar industries berhad of malaysia manufactures sporting equipment. one of the company’s products, a football helmet for the north american market, requires a special plastic. during the quarter ending june 30, the company manufactured 35,000 helmets, using 22,500 kilograms of plastic. the plastic cost the company $171,000. according to the standard cost card, each helmet should require 0.6 kilograms of plastic, at a cost of $8 per kilogram. 1. what is the standard quantity of kilograms of plastic (sq) that is allowed to make 35,000 helmets? 2. what is the standard materials cost allowed (sq x sp) to make 35,000 helmets? 3. what is the materials spending variance? 4. what is the materials price variance and the materials quantity variance?

Describe what fixed costs and marginal costs mean to a company.