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Consider the production function Q = 6L^2 - L^3.
a. Find average product. Find the number of labor (L) that the firm should hire to maximize average product.
b. Find marginal product. Find the number of labor (L) that the firm should hire to maximize marginal product.
c. Find the number of labor (L) that the firm should hire to maximize total product of labor.
d. Find the number of labor (L) that the firm has zero average product.
Describe briefly a market in an important product, resource or service in which demand and supply is not mediated through price mechanism. What alternative mechanism is used to allocate the scarce resource or product in this market [Hint, one such..
"Monopolies are very efficient." Do you agree or disagree? Provide justification for our response.
The Federal Reserve buy $100 million worth of government securities in open market. If the required reserve ratio is .6, determine the maximum possible increase in the money supply?
If the demand for corn rise due to its use as an alternative energy source, what will happen to supply of corn's substitute such as soybean?
The SEC regulations require u.s. corporations to publish operating results on a quarterly basis. How does this short term time frame impact long term profit maximization?
Find the amount of the transfer implied by consultant B and determine whether the consumer is better or worse off from Consultant C's suggestion than before the price increases.
Supposing that when the three firms set the same price they share the market evenly, demonstrate that collusion at the monopoly price is not sustainable, using the Bertrand Nash Equilibrium of marginal cost pricing forever as the punishment strate..
Assume a given demand curve for massage therapy services. In the context of providing massage therapy services, list, and describe in detail, five different variables that may cause an increase in the demand for these services.
Suppose the wage rates of workers are based on the expected price level. If there is an unexpected increase in AD, it will cause the actual price level to increase. Then workers should raise their expected price level and negotiate a higher wage r..
Mention two economic choices you had to make with in last week. Alfred Marshall said in 1890s, "economics is the study of man in ordinary business of life." You must examine one or two of these choices in terms of alternatives you gave up.
What is a discouraged worker? Are they included in the basic unemployment rate? Are they included in any measure of unemployment? How has the number of discouraged workers changed since 2008? How does the exclusion of the discouraged worker affect..
The farmer wants you to work out how many heifers to carry through the system so that he can replace the cull cows and
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