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Mini Mine is a small mining firm in Northern Alberta. The going wage rate in the region is $300 per week. The productivity of the workers in the firm, which has a fixed capital stock, is given below.
(a) If the price of ore is $10 per ton determine the optimal employment level for this firm.
(b) Instead of there being many potential workers, suppose that there are only 6 workers who can be hired in the neighbourhood.
If the price of output is still fixed at $300, and the productivity of workers is still defined by the data in the second row, draw the VMPL curve, insert the supply limit and determine the equilibrium wage.
Consider the following model of a closed economy (Smallville): MPC = 0.8 - 0.01Y (marginal propensity to consume) C = MPC x YD (consumption function) YD = (Y - T) (disposable income)
Tina hires Jeff to do odd jobs around her home and agrees to pay him $5 per hour. Tina further agrees to guarantee Jeff at least 40 hours of work per week, and to pay him 1.5 times his base pay for any hours worked beyond 40. If Jeff works 45 hour..
On March 18, 2024 the Happydale Farm buys a new tractor that costs $17831 but it also costs $1424 for delivery and $3123 for the cultivating implements that are needed to make this ready for service. It is put into service on March 22, 2024
Suppose that First Bank has $34 million in checkable deposits, Second Bank has $47 million in checkable deposits, and the reserve requirements for checkable deposit is 10%.
Choose the more promising of the two, and write another 100 words describing what aspects of the topic you're planning on focusing on. Essentially, you're recording and commenting on ways you might look at whatever you've chosen and why it might l..
Ann lives in Princeton, New Jersey, and commutes by train each day to her job in New York City (20 round trips per month). When the price of a round trip goes up from $10 to $20, she responds by consuming exactly the same number of trips.
Explain how the Federal Reserve policy makers effect interest rates. Describe the difference between expansionary and contractionary rules.
Analyze the message delivered by each of your visual media items. Foreachitem, respond to the following questions in complete sentences. Cite evidence from the resource and the lesson to justify your responses.
In 1993, Tim Berners-Lee created the Web and the bubble began. The bubble describes the amazing stock run of Internet companies, when their values soared to unbelievable and what were thought to be unattainable heights from 1993 to 2001.
Suppose that a consumer has an income of $24and a utility function given by: U = 2*log(x) + log(y). The priceof x is $2 and the price of y is $2. A) Write down the Lagrangean for this consumer's maximization problem.
Using the midpoint method, calculate and interpret the price elasticity of demand for the following situation a. When the price of oranges increases from $1.00 per pound to $1.50 per pound, quantity demanded falls from 500 pounds to 400 pounds. Cal..
Suppose that the economy starts at equilibrium and the mpc = 0.8. What would be the effect of a 500 increase intaxes once all the rounds of the multiplier process are complete
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