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Firm's Demand for a Resource Use the following data to answer the question below. Assume a perfectly competitive product market
Units of Labor Units of Output0 01 72 133 184 225 25
a. Calculate the marginal revenue product for each additional unit of labor if output sells for $3 per unitb. Draw the demand curve for labor based on the above data and the $3-per-unit product pricec. If the wage rate is $15 per hour, how much labor will be hired?d. Using your answer to part ©, compare the firm's total revenue to the total amount paid for labor. Who get the difference?e. What would happen to your answers to parts (b) and (c) if the price of output increased to $5 per unit, other things constant?
The given information is the quarterly sales of gasoline in the U.S. in millions of barrels during part of the 1980s and the 1990s. Determine the linear trend and use it to forecast sales for first quarter of 1992.
Regression analysis was used to estimate the given seasonal forecasting equation, D1 is a variable that is equal to one in 1st quarter and zero otherwise;
A company's marketing dept. obtained information from 10 of the firm's outlets. The information consists of the qty. and price of the products sold at each outlet from the distribution center.
Over the last one year the Four Winds Novelty Corporation has recorded its internet sales and its monthly total variable costs for a particular novelty item as demonstrate in the following table.
What is the multiplier? How is it calculated? Why is the multiplier related only to consumption spending?
A customer has provided information on the value of cars, the price of gasoline, the quantity of new cars sold in United States. Gross Domestic Product per capita is also observed.
Dr. Izobel Stevens is physician at the Westbury HMO, a New York City based medical facility serving the poor and indigent. Stevens is estimating the cost effectiveness of a preventive maintenance event,
A small pipeline will cost less to purchase (including valves and other appurtenances) but will have a high head loss and, therefore, a higher pumping cost.
Determine what should you do to maximize benefits with respect to values after you acquire a substitute product. Which values should you change more?
The sales information for the Lonestar Sports Apparel Corporation for the last 12 years as follows:
Estimating equation through a correcting factor to correct heteroskedasticity may cause extra correlation to enter the model, which increase the R^2.
The comparative advantage for pizza production belongs to __________ and the comparative advantage for pizza delivery belongs to __________. Based on their comparative advantages, Pat should specialize in _______ while Corey should specialize in ____..
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