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The output effect of an increase in the wage comes about because higher wages:
a) increase production costs, and final good prices will rise, reducing the quantity demanded of the product
b) increase production costs, and final good prices will rise, increasing the quantity demanded of the product
c) make labor less expensive as an input, leading firms to switch to labor as an input
d) make labor more expensive as an input, leading firms to switch to other inputs.
Say half of the cost of producing wheat is rental cost of land (a fixed cost) and half is cost of labor and machines (a variable cost). If the average total cost of producing wheat is $8 and price of wheat is $6, what would advise the farmer to do..
Apply the substitution and income effects to the purchase of meat given the lower price. How is this related to the law of demand? Hint: use chicken as a substitute good in your discussion.
What is your expected rate of return over the one-month holding period?
Compute output, marginal cost, average cost, price, and profit at the average cost-minimizing activity level. Compute these values at the profit-maximizing activity level.
Based upon marginal revenue or marginal cost analysis, explain how output and price are determined in monopolistically competitive markets.
What is the interrelationship between the four financial statements? Why is it important to make comparisons using ratio analysis? What are the different ways you can make comparisons?
Would the accumulation of historical prices and quantities exchanged in the market establish a long-run supply curve? How would the historical relationship differ from how firms (and economists) envision today's long-run supply in the industry?
The atmospheric pressure of 100k Pa acts on the other side of the piston. The gas is heated until the volume is doubled and the final pressure is 500 kPa. Calculate the work done by the gas.
The private marginal benefit for commodity X is given by 10 - X where X is the number of units consumed. The private marginal cost of producing X is constant at $5. For each unit of X produced, an external cost of $2 is imposed on members of socie..
Create a list of reasons for your recommendation and include considerations of product features and use of advertising.
Jet Set Travel, Inc. (JTI) has been hugely successful in the distribution of stylish, comfortable shoes for travel. Please describe how non-value added costs can damage the company, it sales, it costs, and it's value chain
At what output is AVC at minimum? If the market price of firm's output is $7 per unit, should the firm produce or shut down?
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