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Problem: Imagine the scenario: you have fulfilled your dream by buying a McDonald's franchise. You start hiring employees and come to realize that the first employees you hired were extremely productive, but every additional person you hired seemed to be less productive. Why does this occur? Are the last people you hired just lazy?
So far, I have "Employees can seem less productive than the first initially hired ones due to a variety of reasons other than laziness. The law of diminishing marginal returns can best explain why this phenomenon occurs. "Could you help me elaborate a bit on this or even adjust it to make it more accurate if possible?
A driver wishes to buy gasoline and have her car washed. She finds that the wash costs $3.00 when she buys 19 gallons at $1.00 each, but that if she buys 20 gallons, the car wash is free. Thus the marginal cost of the twentieth gallon of gas is:
Calculate the equilibrium values of P, Q, and w. Calculate profits for the upstream and downstream firms, as well as total profits.
Would it be possible to privatize the money supply in the United States completely? In doing so, what would be the primary obstacle to overcome in implementing.
Is it possible for two countries to have the same Gini coefficient but different distributions of income? Explain how you came to your conclusion.
Arvind Subramanian, chief economic advisor to India's government, has warned policymakers that India invests far less on infrastructure and education in poorer.
Three groups of 10 participants each listened to music designed to induce a positive, negative, or neutral mood. They were then asked to "list as many things around your home that you should check for safety or security reasons before you go away ..
How much must be deposited in an account to have annual withdrawals of $1000 forever? Interest is compounded quarterly and the interest rate is 9% for the first 10 years and 10% thereafter.
What does this show about elasticity at the profit-maximizing price and quantity?
iii. Describe in detail the Public Policy measures that the government uses to control monopolies.
In Problem, how much does the value of each investment change if the inflation and appreciation rates are halved? Doubled?
Calculate the market price and the quantity bought if a penalty of $20 a unit is imposed on: Sellers only or buyers only.
Independence Burgers serves fast food at its 300 franchised across the South.
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