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Consider a sharecropper whose contract calls for him to receive ¾ of the output produced in the farm on which he works. Suppose that the value of the marginal product of labor on the shared cropped land is given by 80-L. Where L stands for hours of work . The alternative wage that he can receive elsewhere is 40 rupees. Assume that there are no risks and that the cropper can independently decide who much to work on the land. How much the sharecropper work in the sharecropper land? How much he would work if we owned the land or rented for a fix fee? Explain any difference.
Explain the law of diminishing returns in your own words. This idea can be applied to other concepts in economics. Think about your own utility from consumption. Give a personal example of diminishing utility.
Assume that someone told you that an increase in price of DVD players caused the decrease in demand for DVDs. Is this what you would predict? Why or why not?
Could you identify and describe the concepts of scarcity and opportunity costs. Also, explain the laws of supply and demand and how they are related to the concepts of scarcity and opportunity costs in decision-making.
Mention two economic choices you had to make with in last week. Alfred Marshall said in 1890s, "economics is the study of man in ordinary business of life." You must examine one or two of these choices in terms of alternatives you gave up.
Find out if, for the good marked with ALL CAP lettering, if there is the increase or decrease in demand.
Office building maintenance plans call for stripping, waxing, and buffing of ceramic floor tiles. This work is often contracted out to office maintenance firms, and both technology and labor requirements are very basic.
Discuss the opposing arguments as to whether consumer sovereignty should prevail in medical care.
The demand for new homes in the United States is often described as highly cyclical and very sensitive to housing prices and interest rates.
Perform a White test for heteroskedasticity using auxiliary regression
Describe why the profits of such firms tend to increase when there is the excess supply of the inputs they employ in their production process.
what is the least-cost input-combination of labor and capital and how much output is produced with that set of resources?
Angelica pickles manager a Quick copy franchise White Plains, New York. Pickles projects reducing copy 5¢ to 4¢ each, Quick Copy's $600-per-week profit contribution will increase by one-third.
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