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Your friend has a large garden and grows fresh fruit and vegetables to be sold at a local farmer’s market. Your friend comments, “I hired a college student who was on summer vacation to help me this summer and my production more than doubled. Next summer, I think I’ll hire two or maybe three helpers and my output should go up more than three or fourfold.”
If all production process eventually exhibit diminishing marginal product of the variable inputs, could it be true that your friend hired a helper (doubled the labor) and more than doubled his production? Why or why not? By the way, in the long run, what must your friend do to the scale of his operation if he/she wants to continue to hire workers and have those workers generate proportional increases in production? Even in the long run, could your friend expand the scale of operation forever and continue to keep average costs at a minimum?
According to the equation of exchange, if total output is 2,000 units, the velocity of money is 5, and the money supply is $1,000, the average price per transaction will be
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If the two firms each maximise profits independently, explain how much output would each firm produce. Explain how much quasi-rents would each factory earn.
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q1. if the economy currently has a frictional unemployment rate of 2 percent structural unemployment of 2 seasonal
At his profit-maximizing level of output, a monopolist's average total cost curve is tangent to his demand curve. The monopolist a. is earning a negative economic profit. b. may or may not be earning a negative economic profit. c. is earning zero eco..
Using the Fisher equation Illustrate what can you infer about expected inflation in Canada also in the United State.
Richer individuals will prefer higher levels of government expenditure than poorer ones if A. Taxes are proportional to income. B. Income elasticities of demand for public goods are less than 1. C. Taxes are uniform. D. The median voter’s income is l..
Small country Alpha exports lumber products obtained by cutting Alpha's forests. Cutting the forests creates negative external effects in Alpha.
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