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a) Consider the Labor Economics Question. This will provide insight into the idea of the optimal number of workers and the value of the marginal product of labor. If wages in the restaurant is $14.00 per hour and the price of a Hamburger is $4.20 and the production function for the workers is: Q = 15L - 0.5L2
a. How many workers should Your Restaurant employ during the lunch hour to maximize profits?
What are the different sources of advice for entrepreneurs? What type of information would an entrpreneur be likely to get from each souce? What are the drawbacks for source?
Roxie is preparing for a trip to the beach with her friends. Arrangements for all budget categories have been made except leisure activities while there.
Suppose a firm's short-run production function is given by Q = F(L) = 10L. L stands for number of workers. If the wage rate is $15 and the firm has sunk costs of $1000 what is the firm’s total cost function? Total cost should be a function of Q.
The length of a human pregnancy with no complications from conception to birth varies according to a normal distribution with mean 260 days
A company is considering investing in a project that requires an initial investment of $75,000. The operating and maintenance costs are expected to be $5,000 per year for the first 5 years and then increase by $500 every year for the next five years...
Discuss the tragedy of the commons in a free-market economy. Address the following in your response: Explain the concept of the tragedy of the commons Can it be avoided in a true free-market economy? Why or why not? Identify three government actions ..
Based on what you now know about statistical inference and using a one-tail alpha (0.025), is Sara's conclusion a logical conclusion? Why or why not?
How does Supply and Demand play a role in economic thinking? What factors influence economics that don't directly relate to it? How does public choice economics influence the market?
Illustrate what is Great Reception's profit when producing at the profit-maximizing output
In Role of Government in Regulating Business Ethics and "Business Ethics: The Law of Rules, the authors seem to argue that overreaching laws and regulations do not facilitate ethical behavior, and indeed might have the opposite effect. Using these ar..
With a figure that shows simultaneous equilibrium in the domestic money market and the foreign exchange market (uncovered interest parity), discuss how a balance of payments crises comes about. How can a balance of payment crises make a bank run or d..
Elucidate how might this allocation under allocation get resolved via the means suggested by the coase theorem.
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