In addition, seniors who exercise suffer fewer falls, less depression and reduced pain, according to a report in the March 2000 issue of the Journal of the American Geriatric Society.

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If suddenly half of the subscribers go away, that means production budgets get severely cut, quality falls and fewer people want to watch.

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This is because the additional output of the last worker hired falls by 12.5% (as he works fewer hours), but the cost of employing him falls by less than 12.5% because the fixed costs of employment are unchanged.

ECONOMIST: Labour markets