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According to The Wall Street Journal, Mitsubishi Motors recently announced a major restructuring plan in an attempt to reverse declining global sales. Suppose that as part of the restructuring plan Mitsubishi conducts an analysis of how labor and capital are used in its production process. Prior to restructuring Mitsubishi’s marginal rate of technical substitution is 0.16 (in absolute value). To hire workers, suppose that Mitsubishi must pay the competitive hourly wage of ¥1,500. In the study of its production process and markets where capital is procured, suppose that Mitsubishi determines that its marginal productivity of capital is 0.75 small cars per hour at its new targeted level of output and that capital is procured in a highly competitive market. The same study indicates that the average selling price of Mitsubishi’s smallest car is ¥1,100,000. Determine the rate at which Mitsubishi can rent capital and the marginal productivity of labor at its new targeted level of output. Instruction: Round your answer for marginal productivity of labor to 4 decimal places. Rental rate of capital: ¥ Marginal productivity of labor: To minimize costs Mitsubishi should hire capital and labor until the marginal rate of technical substitution reaches what proportion? Instruction: Round your answer to 4 decimal places.
Should the government limit the amounts that juries are allowed to award victims of medical malpractice, so as to reduce malpractice insurance premiums and thereby lower health care costs.
What is the impact of a tax cut in an economy operating under a flexible exchange rate regime on household spending, interest rates.
Suppose a fish population experiences logistic growth with growth rate r per year and environmental carrying capacity C. The population is harvested at a rate of h per year. What are the equilibrium for this model? Are they stable or unstable? What i..
Do you think in legal matters and health matters and so forth people should be economically valued differently? or should there be one standard amount each person is worth/
A state meat inspector in Iowa has been given the assignment of estimating the mean net weight of packages of ground chuck labeled "3 pounds.
Every student is expected to create an original response to the open-ended DB question as well as engage in dialogue by responding to posts created by others throughout the week. At the end of each unit, DB participation will be assessed based on ..
Consider the taco stands on State Street. Suppose that the taco market on State Street is a perfect competitive market, where all taco stands are exactly the same (i.e. producing the exact same tacos and having the exact same cost features). The mark..
Suppose that the total revenue function of a firm is given by TR(q) = 120q - 2q^2, where q is the level of output. Find the level of output q that will maximize the firm’s total revenue. Also, compute the maximum amount of total revenue received by t..
Elucidate the opportunity costs for the manager of being in this business relative to returning to his old job. what is the economic profit of the business.
Assume that marginal utility of good A is 4 times the marginal utility of good b. The firm can compute all points on its total cost curve if it knows.
Suppose the government increases purchases in an economy with a recessionary gap. How would this policy affect bond prices, interest rates, investment, net exports, real GDP, and the price level? Show your results graphically.
An interesting example of strategic behavior comes from a 1997 article about Microsoft’s investment in Apple (New Straits Times, 1997). The article is included in the Required Readings list. Facing tough anti-trust scrutiny from government agencies, ..
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