For each of the professions in the left column, calculate the annual pay based on full-time, year-round employment consisting of 2,000 hours a year (40 hours per week for 50 weeks per year). Record your calculations under "Annual income" in the table. Then, find the difference between each annual wage figure and a) the poverty threshold and b) the median household income. If the difference is a negative number, record it as such. (30 points) Hourly wage Annual income Difference between annual wage and federal poverty line Difference between annual wage and median household income Federal minimum wage $7. 25 $14,500 $1,489 $-54,203 California's minimum wage $8. 00 $17,900 Marketing managers $55. 65 Police officers $27. 40 Child-care workers $9. 38 Data source: U. S. Bureau of Labor Statistics.

Suppose the price of a complement to lcd televisions rises. what effect will this have on the market equilibrium for lcd tvs?

The law of demand is the assertion that ?

Recently, verizon wireless ran a pricing trial in order to estimate the elasticity of demand for its services. the manager selected three states that were representative of its entire service area and increased prices by 5 percent to customers in those areas. one week later, the number of customers enrolled in verizon's cellular plans declined 4 percent in those states, while enrollments in states where prices were not increased remained flat. the manager used this information to estimate the own-price elasticity of demand and, based on her findings, immediately increased prices in all market areas by 5 percent in an attempt to boost the company's 2016 annual revenues. one year later, the manager was perplexed because verizon's 2016 annual revenues were 10 percent lower than those in 2015"the price increase apparently led to a reduction in the company's revenues. did the manager make an error? yes - the one-week measures show demand is inelastic, so a price increase will decrease revenues. yes - the one-week measures show demand is elastic, so a price increase will reduce revenues. yes - cell phone elasticity is likely much larger in the long-run than the short-run. no - the cell phone market must have changed between 2011 and 2012 for this price increase to lower revenues.