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You have been tasked by your boss to forecast what hours of work through your workers would be following a proposed increase. you have had a flexible policy of workers selecting their hours and would like to determine whether the raise would have a huge impact on hours worked. you have the resultsof studies conducted for three other companies, which estimate labor supply elasticities following raises at those companies. you decide to summarize the results of those studies in a manner that your boss can understand. currently, the average employee at your company works 2000 hours a year. fill in the blanks of the table.
Firm Estimated Predicted hrs worked for avg Predicted hrs worked for have Elasticity employee following 5% inc in wage employee following 10% inc
A 0.1 x x
B -0.2 x x
C 0 x x
A firm produces 10 units per week at a price of $500 each. With AFC of $100 and AVC $350 per unit, the firm is earning economic profits of $500 per week.
The box industry was perfectly competitive. The lowest point on long run average cost curve of each of identical box producers was dollar four, and this minimum point occurred at an output of 1,000 boxes every month.
hat kind of demand does walmart's products have? Does it vary by season? What market segment does Walmart target?
Determine how the following situations will affect the demand curve for ipods.
What is the component cost of the equity raised by selling new common stock? What is the maximum amount of new capital that can be raised at the lowest component cost of equity?
Demand and supply schedules
Provide some example of a goods that you purchase or market at your workplace to demonstrate why demand curve slopes downwards and why supply curve slopes upwards?
Some states are planning that ethanol be mixed with gasoline to comply with anti pollution laws. Ethanol can be made from corn. Determine what effect are these rules having on the equilibrium price and quantity of corn?
Write down the differences between absorption and variable costing techniques on income statement presentation.
Pick a social problem where free markets aren't allowed to function and explain how free market features could be introduced to aid alleviate the problem.
What are "normal" goods? Give an example in our current economy and what are "inferior" goods? Give an example in our current economy.
Suppose labor costs are 17.5% of revenue per vehicle for General Motors. In union negotiations throughout the late 1990s, GM attempted to cut its workforce to increase productivity.
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