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You are planning to estimate a short- run production function for your firm, and you have collected the following data on labor usage (L) and output (Q): Labor usage Output 3 1 7 2 9 3 11 5 17 8 17 10 20 15 24 18 26 22 28 21 30 23 a. Please key in the data into MS Excel for regression analysis. Estimate your firm's short-run production function. Do the parameter estimates have the appropriate algebraic signs? Are they statistically significant at the 5 percent level? b. At what point do you estimate marginal product (MP) begins to fall? c. Calculate estimates of average products (AP) and marginal products (MP) when the firm employs 20 workers. d. When the firm employs 20 workers, is short-run marginal cost (MC) rising or falling? How can you tell?
Assume the price level is fixed in the short run so that the economy does not reach a general equilibrium immediately after a change in the economy. For each of the changes what are the short-run effects on the real interest rate and output
Elucidate how banks and individuals can use "covered interest arbitrage" to protect themselves when they make international financial investments.
In a monopolistically competitive marketplace, a firm has market power because it produces a differentiated product. This means that the firm earns positive economic profit in the long run.
tuition is s= 60,000; he can earn w= $10K as a part-time waiter in college; the interest rate is r= 10%; and he anticipates earning w= $144K after he graduates. If, instead, he does not enroll in college, then he will earn wn= $45K per annum duri..
Explain the science of economics in the presence of making a profit with scarce resources
On the same graph, draw the daily budget constraint under The Texas Family Assistance Program for the single parent described above. Find the earnings level at which the earnings subsidy ends. Discuss the effect of the program participation on wor..
our friend wants to pay off her two debts in a single payment. The first debt is $570 due in 8 months, and the second is $1,380 due 1 1/2 in years. What will that single payment be if she wants to make it at the end of 1 year given a compound inter..
While there are many arguments both for and against this view, some find the following argument to be most persuasive of all: "The laws of supply and demand indicate that higher cigarette prices are ineffective in reducing smoking.
Compute Foust's after-tax cost of new debt and common equity. Calculate the cost of equity.
Explain how advertising can be employed to allow Tots-R-Us to keep price average above cost without encouraging entry.
Draw the relavant isoquant map and isocost line if the cost of labor is $4 per work-hour and the cost of glass is $4 per pound and 90 light bulds are to be produced. What is the cost minimizing combination of glass and labor.
Suppose that we are selling bottles of CocaCola in a vending machine. Currently, we charge $1.50 per bottle and have discovered through trial-and error that if we increase the price by 1 percent,
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