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Consider a firms per-period (e.g., hourly) production process. If it employs 1 unit of labor, then 8 units of output will be produced; if it employs 2 units of labor, then 12 units of output will be produced; and if it employs 3 units of labor, then 15 units of output will be produced. It follows that:
total output is increasing at an increasing rate and the marginal product of labor is decreasing
total output is increasing at an increasing rate and the marginal product of labor is increasing
total output is increasing at an increasing rate and the marginal product of labor is constant
total output is increasing at a decreasing rate and the marginal product of labor is increasing
total output is increasing at a decreasing rate and the marginal product of labor is decreasing
total output is increasing at a decreasing rate and the marginal product of labor is constant
q. the owners of a small manufacturing concern have hired a manager to run the company with the expectation that he
Suppose at Columbia University, grade point average (GPA) and SAT scores are related by the conditional expectation
Currently a heating unit for a small building is very old and inefficient. The owner is contemplating on replacing it with a variable air volume system that costs $100,000 and will save 450,000 kWh each year. Base your decision on the (a) present wor..
Artsy T-Shirts sells 100,000 shirts a year, priced at $14 each. The company can produce any number of shirts at a constant cost of $10 each. It is considering expanding its sales by lowering the price to $12. What minimum increase in sales would be n..
What is the elasticity of supply in that range of the supply curve? How much tax revenue does the government collect?
When a recession due to a decrease in aggregate demand occurs, how can the Central Bank react? What does that reaction look like in the model? What are the long-run implications of the Central Bank is actions in a) and c), respectively?
An asset is purchased for $745,000 today. It will have a $76,000 salvage value after 5 years of use. Using the straight-line (SLN) method, calculate the depreciation charge for year 2 and the book value at the end of year 2.
A hearing is scheduled for your company to present arguments that your firm has not increased its market power through this merger. Can you do this? How? What evidence might you bring to the hearing?
"The American Recovery and Reinvestment Act of 2009--commonly called the "stimulus"--was designed to spur economic growth while creating new jobs and saving existing ones. Discuss the intersection of micro and macroeconomic policies this represents
Lets assume that we admitted more students this semester (1200) than last (1100) and because of it there is a shortage of “B” parking spaces. Students also complain about the parking permit price ($100).
Illustrate what is the cooperative surplus. $100, the cost of litigating. What would be a reasonable settlement for Betty to pay What Arthur.
Suppose the price of apples goes up from $20 to $24 a box. In direct response, Goldsboro Farms supplies 1,400 boxes of apples instead of 1,200 boxes. Compute the coefficient of price elasticity (midpoints approach) for Goldsboro’s supply.
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