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Suppose it takes a total of 100 hours to produce a car (mathematically speaking, this means one hour of work “produces 0.01 cars”). If the average wage in car making is $50 per hour, and each car needs $1,000 worth of inputs other than labor, C1: What is the unit labor cost of cars? C2: If both labor productivity and wages double, what happens to unit labor costs? C3: If cars are selling for $10,000, how much profit is generated per car? C4: If the producer can double production speeds by increasing wages to $80 per hour, how much profit will it make per car at this price for cars?
What is the law of supply? Give an example of how you have observed the law of supply at work. What is the relationship of the law of supply and the supply curve?
What lessons can be learned from the Marshall Plan for a new “Global Marshall Plan” to support the developing countries?
Opportunities being taken or missed out can be the be-all and the end-all for a company. How does market research help in opportunity recognition? Feel free to use examples in support of your answer.
Toys are produced by a competitive industry. Santa Claus gives away one million free toys each year. It costs Santa nothing to produce these toys. Use a diagram to show how the existence of Santa Claus affects the supply of toys, the price of toys, t..
Explain how this new inflationary environment would affect the demand for money according to portfolio theories of money demand.
Graph the individual's budget constraint taking account of both Social Security benefits also the possible withholding of these benefits based on the individual's earnings.
As of January, 2014, the U.S. now has the first woman Chairman of the Federal Reserve. Janet Yellen is probably going to continue the Federal Reserve’s current policies. Explain how these monetary concerns will affect a small business where you are c..
What is the break-even probability of collection?
One has yearly income $10000, the other has yearly income $90000. Illustrate what is the Gini coefficient for this society.
Explain a pricing strategy which would increase profits compared to a single price profit maximizing strategy. Be sure to include a graph which explains your demand, marginal revenue, and marginal cost.
You went out to dinner one night and observed one of your patients drinking heavily. The next day the patient is to check into the hospital for a pre-scheduled surgery. Your colleague found out about this and stated the patient’s behavior was irratio..
sandy sue sanders can take a job paying $10,000 a year when she graduates from high school, or she can go to college and pay $9,000 a year for tuition. Measured in dollars, Illustrate what is her opportunity cost of going to college next year.
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