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According to The Wall Street Journal, Mitsubishi Motors recently announced a major restructuring plan in an attempt to reverse declining global sales. Suppose that as part of the restructuring plan Mitsubishi conducts an analysis of how labor and capital are used in its production process. Prior to restructuring Mitsubishi’s marginal rate of technical substitution is 0.15 (in absolute value). To hire workers, suppose that Mitsubishi must pay the competitive hourly wage of ¥1,820. In the study of its production process and markets where capital is procured, suppose that Mitsubishi determines that its marginal productivity of capital is 0.7 small cars per hour at its new targeted level of output and that capital is procured in a highly competitive market. The same study indicates that the average selling price of Mitsubishi’s smallest car is ¥1,200,000. Determine the rate at which Mitsubishi can rent capital and the marginal productivity of labor at its new targeted level of output. a) Rental Rate of Capital b) Marginal Productivity of Labor c) To minimize costs Mitsubishi should hire capital and labor until the marginal rate of technical substitution reaches what proportion?
Three years ago Maricopa County implemented a policy to tackle the problem of particulate matter in the air. The project/policy consisted in paving and compacting some of the roads the dairy industry uses for feeding the cattle and transporting the m..
Explain how did the early classical economists view the relation between productions also consumption.
In the simple linear regression model yi = βˆ 1 + βˆ 2xi + ˆei , where E(ˆei) 6= 0. Show that the model can always be written with the same slope, but a new intercept and error term that does not violate the property that E( ˆei) = 0.
Describe the profit-maximizing amounts of electricity to produce at the two facilities, the optimal price, and the utility company's profits.
compute the average cost function for skateboards. what shape does the graph of this function have. What is the average at this level of output.
What are the factors that affect the supply and demand of that good or service. How do you expect the demand and supply of that good or service to change in the next year.
Based upon a monthly payment, which one is a better deal on the same $9000 car? 9% interest on the full amount for 48 months, compounded monthly.
Increasing the government budgetary surplus or decreasing the deficit is desirable in a period of:
Their costs and benefits are presented in the table below. Each project has a useful life of 50 years and the MARR is 12% per year. Which of the projects, if any, should be selected?
Explain how the long run differs from the short run in pure competition. Explain how the entry and exit of firms affects resource flows and long-run profits and losses.
Every day, Ivan buys 2 cups of coffee and a sandwich for lunch. The price of coffee is $2 per cup and the price of a sandwich is $5. Ivan’s choice of lunch maximizes his utility, and he spends only $9 on lunch. Compare Ivan’s marginal utility for cof..
What are some of the reasons that the U.S. has greater degrees of income and wealth inequality than other high-income market capitalist economies?
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