Reference no: EM1370004
1. Early Classical economists found the following "diamond or water" paradox perplexing: "Why is water, which is so useful and so necessary, so cheap, when diamonds, which are so relatively unnecessary, are so expensive?" In modern economic terms, explain the water/diamond paradox.
2. Assume labor costs are 17.5% of revenue per vehicle for General Motors. In union negotiations during the late 1990s, GM attempted to cut its workforce to increase productivity. Together with the job reductions they planned, GM officials hoped to make the company's North American operations fully competitive with its U.S. and Japanese rivals with respect to total costs. Why are productivity gains so important to GM?
3. Your average total cost is $40; the price you receive for a good is $12. Should you keep on producing the good? Why?
4. What portion of the marginal cost curve is the competitive firm's supply curve? How is a competitive firm's marginal cost curve related to the market supply curve?
5. Monopolists differ from perfect competitors because monopolists always make a profit? True or false? Why?
6. What are the "monopolistic" and the "competitive" elements of monopolistic competition?
|
Effects on isoquant and isocost of reduction in wages
: Assume that as the result of recent labor negotiation, wage rates are reduced by 10% in the production procedure employing only capital and labor.
|
|
Write program which inputs the string from user
: Write a program which inputs the string from a user. Then it will take character as input and prints string onwards from that character.
|
|
Evaluate freds choice of a training program
: What else might Fred do before choosing a training package and provide enough detail to demonstrate your understanding of the key issues and approaches to determining how to proceed once a triggering event has occurred.
|
|
Determining cost of capital and debt
: Generally, which of the following is true? (where rE is the cost of equity, rD is the cost of debt and rA s the cost of capital for the firm.
|
|
Elements of monopolistic competition
: Early Classical economists found following diamond or water paradox perplexing: Why is water, which is so useful and so necessary, so cheap.
|
|
Manual system for manufacturing equipment
: How much would the variable cost per unit have to be in Year 5 for the automated alternative to justify the additional annual fixed cost of the automated alternative over the manual alternative?
|
|
Design new transaction by sql statements
: Code SQL statements to update view as follows: change spelling of Mark Tobey to Mark Toby. Design new Transaction for Mark Toby. Suppose you have essential transaction, work, and customer data.
|
|
Retaining employees
: How could alternative work arrangements benefit you in retaining Julie, a valued employee and what might be the drawbacks to such an arrangement?
|
|
Determining monopoly output decision
: Here is the information you require to answer the question. This information is taken from the graph. So you will require to draw the graph to answer the questions. The best level of output for monopolist in short run is 500 units and is given by p..
|