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A firm uses steel and aluminum to produce auto parts. The current input mix used by the firm is such that the marginal product of aluminum is equal to 800 units, while the marginal product of steel is equal to 500 units. The price of aluminum is $160 per unit and the price of steel is $125 per unit.
Please define the concept of “marginal product of aluminum.”
After you view the film, One Flew Over the Cuckoo’s Nest, respond to the following two questions: 1. Labeling theory refers to the idea that deviance and conformity result not so much from what people do as from how others respond to those actions. D..
Write a short (2-3 page, double-spaced, typed) essay, identify at least one important entrepreneur that you would consider an "entrepreneurial legend" and state why you consider the person to be (or have been) exemplary.
You are the marketing manager for xyz Corp.You have this regression result for your product: Q=2000-3.5P+1.2*1 Right now your price is 10 and the average income of your customers is $30,000. Compute income elasticy. Is your good a normal good or an i..
Explain due to a growing US economy, the overall market demand for nails will increase by 2%. Based on this information, should you plan to increase or decrease your production of nails.
Using the money market and bond market analysis explain how the Federal reserve could lower the interest rates by buying government bonds from the banking sector of the U.S. economy ( should included two graphs and an explanation)
A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 120 - 0.25P, and the marginal cost of production is $160. How much should the firm charge for this packa..
An aggregate-supply (AS) curve is described by the equation Y = YLR + a × (P – PEXP), where Y is current output, YLR is the long run level of output, a is a positive constant, P is the current price level, and PEXP is the expected price level. Suppos..
Identify a particular industry (non-government) that meets the criteria for Pure Competition or Monopoly. Explain clearly why you think the industry is in Pure Competition or is a Monopoly and evaluate it from perspectives of efficiency and equity. I..
The conventional (classical) labor market theory suggests that i) the wage rate adjusts smoothly so that labor supply equals labor demand; ii) wages are set competitively across markets; iii) there is no ‘involuntary’ unemployment (anyone who wishes ..
Does the existence of “efficiency loss” associated with health care over-consumption mean that citizens are worse off with the government’s provision of this insurance?
What happens to the equilibrium price and quantity in a competitive market under following conditions?
?Quotas and tariffs can:
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