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You’ve been hired as an economic consultant to a price-taking firm that produces shirts. The firm already has a shirt factory, so it is operating in the short run. The price of shirts is $5, the hourly wage is $12, and each shirt requires $1 worth of material. At the current level of output (20 workers and 70 shirts per hour), the firm is losing money: Its total cost exceeds it total revenue. The firm has experimented with different numbers of workers and discovered that 21 workers would produce 72 shirts; 15 workers would produce 60 shirts; and 16 workers would produce 63 shirts. You job as a consultant is to tell the firm which of these four options to take; and explain and show your calculations as to why you selected an option.
The step-by-step process of finding the choice with highest total utility involves a comparison of the:
Explain the meaning of the "excess burden," also called the "deadweight loss." Do general taxes on sales, income, and produced wealth cause an excess burden? Explain. What is the economic significance and consequence of the excess burden?
Dan Demaar and Rob Runten are working on a class assignment on economic growth. Dan collects the GDP growth data for the country Fanez, which is located in the Middle East.
Consider the construction of handmade rugs moreover assembly line robots in Canada and India.
Describe what will happen to total revenue in the following situations: Price decreases and demand is elastic. Price decreases and demand is inelastic. Price increases and demand is elastic
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The government has the ability to influence the level of output in the short run using monetary and fiscal policy. There is some disagreement as to whether the government should attempt to stabilize the economy. Which of the following are arguments i..
What are some of the unintended consequences of efforts to regulate the illicit global economy? How can states more effectively reduce the negative consequences of black markets?
Explain what the automatic adjustment mechanism is. Which curve does it cause to move? How does this happen? Will this process happen quickly, or take a long time?
Someone proposes to buy the farm from you for $1 million. Would you make more by selling the farm or keeping it
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