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The demand for labor curve will be less elastic for the industry than for the firm because
A. Industry demand for labor is more elastic than the firm's demand for labor
B. If all firms hire more labor, the product price will rise
C. If all firms hire more labor, diminishing returns will not set in as quickly
D. If all firms hire more labor, increased output will lower product price and therefore the marginal revenue product
A group living in the United States in 2004 consisted of fifteen households with no elderly members. There were five single individuals living separately from each other (less than 65 years old). What percentage of these households were poor? What wa..
Illustrate what is the meaning of economies of scope and explain how do they differ from economies of scale.
A project requires an initial investment of $50,000. The annual expenses are estimated to be $10,000 for the first year and decrease 5% per year over the 5 year life of the project. The annual revenues are estimated to be $15,000 for the first year a..
"The Assistant Secretary for Time Travel recommends that the bureau choose the socially optimal price, the price necessary for efficient allocation of resources. Which price is required for efficient allocation of resources.
The multiplier effect refers to the series of
A piece of construction machinery costs $5000 and has an anticipated $1000 salvage value at the end of its five year depreciable life. Compute the depreciation schedule for the machine by: MACRS;
Based on this information, discuss industry concentration, demand and market conditions, and the pricing behavior of Kodak in the 1990s. Do you think the industry environment is significantly different today? Explain.
wo companies A also B are duopolists who produce identical products. Determine the long run equilibrium output also selling price for each firm.
You buy a new pair of shoes on sale. The printed receipt states very clearly that the shoes are not returnable. After you get them home, you wear the shoes around the house for a day and decide that they just don’t fit you correctly.
Consider our competitive market described by the supply and demand model. If there are no externalities, explain why economists describe the competitive equilibrium as efficient.
Cost Minimization for Cobb-Douglas. Suppose the Acme Gumball Company has the production function of q=LK. Given that the MPL=K, MPK=L and MRT S=MPL/MPK. Suppose wage rate is w= $5 and rental rate is r= $5. What is the cost-minimizing combination of L..
Suppose the market for good X has a four-firm concentration ratio of 0.50. Furthermore, assume that total sales in the industry are $1.2 million. Based on this information, we know that sales for the largest four firms in the industry equal (in aggre..
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