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In the economic theory of the firm, we generally discuss only two factors, labor and capital, and in the short run labor is the variable factor and capital is the fixed factor of production. The long run is a period of time that is long enough for all factors of production to be changed. It is not measured by the number of calendar days, but in how long it takes to change the quantity of capital used by a firm. Think of the length of time to enter an industry, for example.
(A) Briefly explain why capital is the fixed factor in the short run, and not labor. (B) Then describe (1) a business or industry where the long run is a relatively short or brief period of time and (2) another business or industry where the long run is a relatively long period of time.
Elucidate why increases in the price of a labor-intensive good lead to proportionally greater increases in the wage rate in a labor intensive country.
Discuss briefly what you think the way in which the HDI is constructed. (Briefly means no more than five lines of text. Excesses are severely penalised.)
Elucidate three manufacturing companies that experienced large percentage increases in the number of firms between 1997 and 2002.
state history of the airline industry, plus an industry overview, and a SWOTT analysis of the airline industry. Please include references.
Last year, Pat and Chris occupied separate apartments. Each consumed 400 gallons of hot water monthly.
Develop an exponential smoothing forecast with smoothing constants α =0.1 and 0.3. What would be the forecast for week 11?
Suppose Sally only purchases food and clothing, and her utility can be expressed as U = F _ C. Currently-What is her optimal bundle?
Explain in briefly about two paragraphs the supply and demand analysis and the impact of government regulations at McDonalds.
If your payroll (budget) is increased to $120,000, what should you do to maximize the number of customers served?
Compute real GDP for 2004 and 2005 using 2004 prices. By what percent did real GDP grow? Compute the value of the price index for GDP for 2005 by using 2004 as the base year. By what percent did prices increase?
Efficiency and sustainability are management goals with respect to renewable resources. As Field explains, biological and economic considerations are typically blended in determining the efficient allocation of these resources.
Find out the equilibrium market price. Find out the profits of the leader and the follower
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