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You run a small business that uses both capital and labor to produce your output. The machinery (capital) has a marginal cost equal to $25 per hour and a marginal product equal to 50 units per hour. The marginal cost and marginal product of capital are assumed fixed at these levels regardless of the level of output. Assume wages are your only cost for labor and your firm’s wage rate equals $12 per hour. You are given the following information on the output and productivity of labor. Assume the firm is interested in maximizing profits. Units of Labor Total Output per Hour 1 35 2 65 3 89 4 109 5 124
Explain how the travel cost method might be used to determine the value visitors place on their right to visit a national park?
Consider a palletizer and a bottling plant that has a first cost of $150,000. It has operating and maintenance costs of $17,500 per year, and an estimated net salvage value of $25,000 at the end of 30 years. Assume an interest rate of 8% per year. Wh..
Stan Moneymaker has the opportunity to purchase a certain U.S. Treasury bond that matures in eight years and has a face value of $10,000. The bond stipulates a fixed nominal interest rate of 8% per year but interest payments are paid quarterly. Stan ..
Your income has recently dropped from $60,000 per year to $45,000 per year. You have come to realize that you are only buying three bottles of wine a week now where as you used to buy six bottles of wine when you made $60,000 a year. Describe wine as..
After you have been in a job for a while, you should portray your switching costs as:
Illustrate what are your views on free trade versus protecting domestic marketplaces through tariffs also import restrictions.
q1. the australian medical association ama once called for an immediate 20 cut in medical student intakes to halt what
Price controls are government restrictions on prices charged for goods and services in the market. Government policies regulating prices can be controversial because they keep prices artificially low and can cause shortages. How do price ceilings for..
Below are the supply and demand functions for two markets. One of the markets is for BMW automobiles, and the other is for a cancer-fighting drug, without which lung cancer patients will die. Briefly explain which diagram most likely represents which..
Illustrate what will occur to the equilibrium price also quantity of guitar strings
One of the factors that determines cost of Homeowners insurance is location. Many areas of our country are exposed to severe weather, such as hurricanes, tornadoes, etc. Should the governments in those areas increase their responsibility for helping ..
Selection and implementation of ERP systems is time consuming and very expensive. There are a number of published cases of failed ERP systems. Research and find cases of other successful and failed ERP implementations. Summarize your findings and dis..
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