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LABOR UNION MOVEMENT: Activities on the part of workers in the United States, beginning in the mid-1800s and extending into the mid-1900s, to establish labor unions and otherwise promote the interests of workers. This movement, which coincided with the onset of the U.S. industrial revolution, was launched with the Commonwealth versus Hunt court decision in 1842 which made it legal to join a labor union. The labor union movement had a turbulent and violent history as organized labor sought to gain greater control over labor market activities. The movement reached its peak in the 1950s, with just under 30% of the labor force belonging to labor unions.

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Lesson 12: Elasticity and Demand | Unit 3: Measurement Page: 10 of 25

Topic: Doing The Numbers <=PAGE BACK | PAGE NEXT=>

  • Suppose we have the following price and quantity values for the demand of calling minutes in cellular phones:

    P1 = 10 cents, Q1 = 5 million minutes, P2 = 11 cents, and Q2 = 4.5 million minutes.

  • Plugging theses numbers into the formula gives us:

    elasticity=- 0.105 ÷ 0.095=- 1.105

  • While the quick and dirty elasticity indicates exactly unit elastic demand (1 on the nose), the midpoint formula indicates relatively elasticity demand (1.105).

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HOW?

The allocation question that determines the way society's limited resources are combined in the production of goods and services. It can be stated as: How are society's limited resources combined to produce goods and services? This is one of three basic questions of allocation. The other two are What? and For Whom?

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Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either clothing for your kitty cats or a set of luggage without wheels. Be on the lookout for door-to-door salesmen.
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Francis Bacon (1561-1626), a champion of the scientific method, died when he caught a severe cold while attempting to preserve a chicken by filling it with snow.
"Learn to enjoy every minute of your life. Be happy now. Don't wait for something outside of yourself to make you happy in the future. Think how really precious is the time you have to spend, whether it's at work or with your family. Every minuteshould be enjoyed and savored."

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