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Consider a firm using labor and capital as its only inputs. The price of capital is $40 where the price of labor (wage) is $60. Using 500 units of labor and 500 units of capital the firm is producing 1200 units of output. At this mix of input the firm's MPL is 10 while its MPK is 5.
a. Write the firm's isocost equation. What is the slope of the isocost?
b. Determine if the firm's mix of inputs is optimal. Explain.
c. If your answer to "b" is no, what should the firm do to improve its performance? Explain.
d. Now suppose as a result of a mandated increase in the minimum wage the wage increases to $80. What would be the implication of this change for this firm?
Draw an Edgeworth box with indifference curves through this endowment. At what combinations of X and Y are both better off (i.e., are Pareto Improving)? At what combinations of X and Y are there no more gains from trade (i.e., are Pareto Efficient)?
All astute comments thus far. Some government projects also programs continue to give benefits for many yrs.
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Identify two of the beneficiaries of the secondary markets (of the multi-sided network effects) for Windows OS. And identify the nature of the value(s) of the network effect?
Indicate three possible adjustments that you would make in order to function as a MNC manager in Saudi Arabia. Indicate one adjustment that you would not be able to make. Would you promote Saudi women as managers in your MNC.
honda accord owners are fiercely loyal to their auto choice. while interviewed by representatives of honda number one
Before the war, Iraq had the capacity to produce a certain amount of oil from its oil wells. After the war, it found that capacity greatly diminished because the oil wells were on fire. Draw Iraq’s PPF before and after the war, assuming that the only..
As demand goes up, so does price. The decrease in production of other items decreases supply, and raises their price.
Other things being equal, woudl this tend to increase planned expenditure in the United States by exactly, more than, or less than $50,000? Would it shift the aggregate demand curve to the right, the left or not at all? Explain in detail.
q. firms like papa johns pizza hut as well as dominos sell pizza and other products that are differentiated in nature.
What rate of return would you expect on a 1 year treasury security, assuming the pure expectation theory is valid? use arithmetic average.
what is the least-cost input-combination of labor and capital and how much output is produced with that set of resources?
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