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From a firms short run production function, the marginal product of labor and the average product of labor may be determined. The average product of labor is:
total output divided by the number of workers employed
the change in total cost attributed to the increased output from employing an additional worker
the change in total revenue attributed to the increased output from employing an additional worker
the change in total output attributed to producing an extra unit of a good
the change in total output attributed to employing an additional worker
What is the value of consumer surplus? What is the value of the deadweight loss created by this monopoly?
Such retailers can sell as many copies of Vista they such as at the prevailing marketplace price of $200.
Given a daily traffic rate of 6000 cars, a toll of $26.00 per car, and a price elasticity of -1.4. What would be the effect of a 50% decrease in price on the traffic rate and daily revenue?
Draw a (standard) U-shaped SAC curve, U-shaped SAVC curve, and upward sloping SMC curve for a perfectly competitive firm. Indicate the firm’s short-run supply curve. What will be the effect of an increase in fixed costs on the firm’s supply curve and..
Fixed costs exist only in:
Research a real life example of quantity control imposed by the government (find out a market with quantity control). Discuss through which mean (such as license, tax, or other means) the government imposes a quantity control, and what are the ineffi..
Which of the following trends favor a more labor-intensive method of production? A growing number of desperately unemployed people as the result of rural-urban migration. A limit to the level that wages can fall (subsistence)
What is the difference between a free trade agreement and a preferential trade agreement? What is the difference between a free trade area and a free trade agreement?
The marginal revenue generated for the monopolist by the 13in unit of its product is $6. What is the market-clearing price for the monopolist's product when 13 units are supplied to the market?
Elucidate how each of the following people would talk about scarcity and trade offs.
Although successfully positioning a new product in a well-established market may seem difficult, Method Products shows that it is not impossible (Kotler & Keller, 2012). Keeping in mind the international legal environment, find an article using the o..
Keeping your money in a bank seems like a good idea. However, from time to time, depositors lose confidence in banks (this happened in summer of 2012 in Greece). If your bank was experiencing a run, would you join in, or would you be confident that t..
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