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Suppose a firm's production function is given by
Q =10*(Ew+Eb)^0.5 ,
where Ew and Eb are the number of white and black workers employed by the firm, respectively, and Q refers to the quantity of output produced. It can be shown that the marginal product of labor is given by: MPE = 5/[(Ew+Eb)^0.5]
Suppose the market wage for black workers is $10, the market wage for white workers is $20, and the price of each unit of output is $100.
a. How many workers does the firm hire if it does not discriminate (how many of each race...be specific)? How much profit does the firm make, assuming labor is the only cost of production?
A production process using two inputs, labor and capital, can be written as: Determine the least cost combination of L and K if the firm decides to produce 1,000 tons per day. What is the total cost of producing $1,000 tons per day?
The North American Free Trade Agreement (NAFTA) is a trade agreement between the United States, Canada, and Mexico whose purpose is to eliminate tariffs between the countries and promote all aspects of international trade.
Suppose the keynesian demand for money is given by L(Y,r)=y/8-100. If income(y) equals 12000 million and the interest rate(r) equals 0.05, calculate the value for the velocity of money.
What are the main goods and services the United States traded internationally? What trade barriers were in place during that decade? What are two pros and two cons of the trade barriers used?
Suppose that you are having a discussion with a manager from a profit-maximizing firm about choosing the appropriate level of output for his firm. what would you tell this manager about his approach to choosing his business’s output level, ceteris pa..
Zara, a clothing manufacturer and retailer based in Spain, is unique for providing just-in-time low-cost fashion. The company designs new collections in only four or five weeks, quickly reacting to trends, such as what is stylish on a music video, in..
Markets often produce results that are economically efficient which allows society to get the most use from scarce resources. What is the relationship between benefits and cost when this occurs? Why is price the critical factor insuring this result?
Explain using a diagram how a tax cut in period two affects consumption in both periods. Assume that average consumer does not believe that he/she or anyone in family will ever have to pay higher taxes in future to offset current cuts.
A price-taking ?rm selling in a market with a price greater than the ?rm's average total cost should:
An electronics firm invested $60,000 in a precision inspection device. It cost $4000 to operate and maintain in the first year and $3000 in each of the subsequent years. At the end of 4 years, the firm changed their inspection procedure, eliminating ..
How much would you have to invest today at 8% compounded annually to have $25,000 available for purchase of a car four years from now.
Excise tax is collected from fishermen, who protest that y alone are bearing burden of this policy. Why might this protest be misguided.
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