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Use the following Information on a hypothetical short-run production function to answer questions a-c.
Units of Labour/Day
5
6
7
8
9
Units of Output/Day
120
140
155
165
163
The price of labour is $20 per day. Ten units of capital are used each day. Regardless of output level. The price of capital is $50 per unit.
a. Calculate the marginal and average variable product of each unit of labour input.
b. Calculate total, average total, average variable, and marginal cost
c. Where diminishing marginal returns sets?
Compare and contrast the strengths and weaknesses of today's Federal Reserve operating procedures and monetary decision making policy.
Tom earns $15 per hour for up to 40 hours of work each week. he is paid $30 per hour for every hour in excess of 40.
There are many factors might change AD and AS, and equilibrium. Please evaluate the effect of following scenario on the AD curve, AS curve, and accordingly the effect on equilibrium price level and equilibrium GDP/output.
Which type of firm faces the most elastic demand curve? In which of market structures are firms able to earn both accounting and economic profits in the long run?
Suppose that rich countries surprisingly commit to much higher official aid, to be maintained for several decades. What would be the effect of such aid on?
High Mark Industries sells solar water heaters to households interested in lower energy bills and sustainable energy.
Mention and describe the three theories for why the short-run aggregate-supply curve is upward sloping.
Do the estimated coefficients have the required signs to yield a-shaped AVC curve? Discuss the significance using the p-values.
Answer whether the following statements are true or false, explaining your answer in each case.
Use aggregate demand (AD) and aggregate supply (AS) model in which the short run aggregate supply curve slopes upwards to describe the equilibrium level of real GDP and prices if the economy is operating:
Which of the following is the best example of a monopolistic competitor? Firms in a monopolistically competitive industry produce:
Use diagram to describe how each of the following events affects the equilibrium price and quantity of pizza (draw a separate diagram for each event)
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