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At 36 units of labor, a firm finds that both average product of labor and marginal product of labor equal 42. We can conclude that the average product curve at 36 units of labor is
a. upward-sloping.
b. downward--sloping.
c. vertical.
d. horizontal.
Suppose that the government of Tonga decided to impose or place a price floor on all imported chicken products. Elucidate what is the advantage and disadvantage of this policy.
What is the primary reason that economists view monopolies as a problem? Is this different than you would have expected? What methods are available to mitigate the impact of monopolies? Does being a monopolist guarantee a profit for the firm? Can you..
Problem 1: Shelly's preferences for consumption and leisure can be expressed asU(C, L) = (C - 200) * (L - 80). There are 168 hours in the week availableto split between work and leisure. Shelly earns $5 per hour after taxes. She alsoreceives $320 ..
How does the adverse selection problem arise in the credit- card market? How do credit- card companies reduce the adverse selection problem that they face? To what complaint does this give rise?
What would you say are the advantages and disadvantages of electronic communication? For example, hardly anyone faxes any more, we email. Do you feel texting is the next evolution for business communication? Or, is there something else? How do you ta..
Identify the four major tools of monetary policy. Describe how a change in the Fed’s major policy tools leads to [1] expansionary and [2] restrictive or contraction monetary policies.
terrorist attacks on the World Trade Center and the Pentagon affected short and/or long-term productivity in the United States. Explain your response and show any movements in the PPF.
Let’s compare the incentives generated by two different types of public programs. The Aid to Families with Dependent Children (AFDC welfare before reform) provides an income subsidy, G, at 0 hours of work, it is taxed away at a rate t when an individ..
Illustrate what are consumption also saving in each period, suppose no borrowing constraints. What happens if the consumer faces a borrowing constraint that prevents her from borrowing.
discuss the best fit of the multinational firm to its worldwide industry environment and the changing role of central headquarters as an organization expands into other countries.
What is the standard deviation for the class? b. What percentile did you score in?
Production When you have completed your study of this chapter, you will be able to 1 2 3 4 Explain how economists measure a firms cost of production and profit. Explain relationship between a firm output and labour employed in short run.
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