Njal had been working as a chainsaw operator for the past 15 years when his company decided to upgrade its equipment from chainsaws to timber harvesters, which are large pieces of equipment that require a new set of skills. The company was unwilling to train existing workers on the new equipment, so Njal needed to find another source of income. Match the scenarios Njal goes through on his way from one job to the next with the relevant economic terms. Some answers will be used more than once. Some answers will be used more than once. a. When company upgrades its operations, it will no longer employ chainsaw operators like Njal. Njal is not trained to do what the company needs, so he is laid off.
b. After looking for work for several months, Njal cannot find work for a chainsaw operator, so he stops looking for three months.
c. Njal signs up for a six month government program that Will train him to be a computer-repair specialist.

1. Frictional unemployment
2. Not in the labor force
3. Employed part-time for economic reasons (counted as part of IJÆ unemployment)
4. Structural unemployment
5. Part of labor force

Highland company produces a lightweight backpack that is popular with college students. standard variable costs relating to a single backpack are given below

5. profit maximization and shutting down in the short run suppose that the market for polos is a competitive market. the following graph shows the daily cost curves of a firm operating in this market. 0 2 4 6 8 10 12 14 16 18 20 50 45 40 35 30 25 20 15 10 5 0 price (dollars per polo) quantity (thousands of polos) mc atc avc for each price in the following table, calculate the firm's optimal quantity of units to produce, and determine the profit or loss if it produces at that quantity, using the data from the previous graph to identify its total variable cost. assume that if the firm is indifferent between producing and shutting down, it will produce. (hint: you can select the purple points [diamond symbols] on the previous graph to see precise information on average variable cost.) price quantity total revenue fixed cost variable cost profit (dollars per polo) (polos) (dollars) (dollars) (dollars) (dollars) 12.50 135,000 27.50 135,000 45.00 135,000 if the firm shuts down, it must incur its fixed costs (fc) in the short run. in this case, the firm's fixed cost is $135,000 per day. in other words, if it shuts down, the firm would suffer losses of $135,000 per day until its fixed costs end (such as the expiration of a building lease). this firm's shutdown price—that is, the price below which it is optimal for the firm to shut down—is per polo.

Your take on decision making process