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Ms. Smith, the owner and manager of the Clear Duplicating Service located near a major university, is contemplating keeping her shop open after 4 p.m. and until midnight. In order to do so, she would have to hire additional workers. She estimates that the additional workers would generate the following total output (where each unit of output refers to 100 pages duplicated). If the price of each unit of output is $10 and each worker hired must be paid $40 per day, how many workers should Ms. Smith hire?
Workers hired 0 1 2 3 4 5 6
Total product 0 12 22 30 36 40 42
The macroeconomic principles we will explore were developed by an English Economist back in the 1930s as a method for bringing Europe and the U.S. out of the Great Depression. If the economy is operating at a point less than full employment (as it is..
A firm has two factories, one twice as large as the second. As the number of workers at each factory increases. Illustrate which factory will experience diminishing returns first.
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Winston Churchill once thought that democracy is the nastiest form of government except for all others.
What output will firm choose. What will be monopolistic competitor's average fixed cost at output it chooses.
If a firm can sell its product for more than its fixed costs, but not for more than its totals costs:
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