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Question: Joe works for a firm that manufactures glass fixtures. He is about to help design a new production facility and must decide on the type of production process to install. One the one hand, he could build a big plant, install a great deal of machinery and use only a small amount of labor to produce his product. This capital-intensive production process would allow him to produce output at an average cost of LRAC = (500/Q) + 2Q. On the other hand, he could build a small plant, install less machinery and hire more labor. If he decides to use this labor-intensive production process, his average cost will be given by LRAC = (300/Q) + 4Q. Compare the fixed and marginal costs across the two production processes. Which production process should Joe choose? Explain the logic behind your answer.
Trade barriers (quotas and tariffs) are often used to protect domestic workers. Explain how the use of such barriers creates higher unemployment rather than protecting it.
If the government decides to intervene to return the economy to full employment, elucidate what will happen to the economy in the short run and in the long run.
Every year, management and labor renegotiate a new employment contract by sending their proposals to an arbitrator who chooses the best proposal (effectively giving one side or the other $1 million).
If capital is neither perfectly immobile nor perfectly mobile internationally, why is predicted impact of expansionary fiscal policy on exchange rate ambiguous?
People of different age groups and situations take advantage of part time employment opportunities provided through the fast food industry.
Provide an overview of the current global agreement surrounding the Production and Technology Structures. In doing so, focus on the key organizations and the international legal principles which they embody.
Describe the neoclassical theory of economic growth. Then explain how the neoclassical theory is impacted by research about endogenous technological changes and increasing marginal returns.
Using an example from your work or daily life, describe an "is-a" relationship. Why is an "is-a" relationship important when designing an inheritance between classes? What are the differences between "is-a" and "has-a" relationship?
Look at the table Demand Schedule for Gadgets. The market for gadgets is dominated by two producers, Margaret and Ray. Each firm can produce gadgets at a marginal cost of $2.
Suppose John makes new total deposits of $100,000 at Bank "B" and Tom receives a loans of $80,000 from Bank 'B'. What is the level of excess reserves
Utilizing the link and the instructions to follow, create a graph of the US GDP relative to Debt from the period 1981 to 2010.
1. The fast food industry is extremely competitive and in some cases close to perfect competition. Identify 2 fast food chains which you feel have almost identical products and pricing and identify the almost identical products that they both sell..
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