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1. Suppose you can hire your mechanic for up to six hours. The total benefit and total cost functions are B(H) = 654H - 40H2 and C(H) = 110H + 120H2. The corresponding formulas for marginal benefit and marginal cost are MB(H) = 654 - 80H and MC(H) = 110 + 240H. What is your best choice? (LO4)
2. Suppose you can hire your mechanic for up to six hours. The total benefit and total cost functions are and C(H) = 100H. The corresponding formulas for marginal benefit and marginal cost are and MC(H) = 100. What is your best choice? (LO4)
3. What would be the best choice in worked-out problem 3.1 (page 82) after you have made an appointment that committed you to a $1500 non-refundable fee? What would your net benefit be? (LO4, 5)
A company operates plants in both the united states(where capital is relatively cheap and labor is relatively expensive) and Mexico(where labor is relatiely cheap and capital is relatively expensive). A. Why is it unlikely that the cost-minimizing ..
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If government pays a subsidy in a market and households keep most but not all of the subsidy payment then we know a) the demand curve is perfectly elastic. b) the demand curve is relatively more elastic than the supply curve.c) the demand curve is re..
topicaustralia has over the past 20 years been through the different phases of the business cycle on more than one
Define what Relating to the situation in which the percentage change in price and quantity demanded are the same.
What about labour markets Is there any difference between labour and commodities that would make the theory a better representation in one case than the other. Do you feel that theory works for commodities markets in general.
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