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An economy is endowed with 100 units of labor and 100 units of electricity, and 150 units of storage space to store the two final produce namely water and cloth. Both labor and electricity are used for producing two goods water and cloth, which may be used to produce saris and dhotis. Either 1 unit of labor can be used with the use of a manual hand pump to pump 1 gallon of ground water or one can use 1 unit of electricity with the help of an electric pump to pump 1 gallon of ground water. Manufacture of cloth requires both labor and electricity; 1 meter of cloth will require 2 units of electricity and 1 unit of labor. Both water and cloth needs to be stored in a common storage space, 1 gallon of water requires 1 unit of storage space and 1 meter of cloth requires 1 unit of storage space. Draw the Production Possibility Frontier for this economy, label points on the frontier where resources such as labor, electricity and storage space are fully utilized and places where they are not. Can we comment that all places on the frontier where resources are not fully utilized are technically inefficient from the Pareto point of view?
Suppose the welfare benefit formula is, How large is the benefit if wages equal. What is the breakeven level of income in this case?
If the margin is greater than the average, what can we say about average and margin? Diminishing marginal returns to labor. What is the general relationship between AVC, ATC, and MC?
Can you please help with a five page research paper that explains the relationship between the price elasticity of demand and total revenue? Please include a separate page with references. Thank you for your help
Briefly discuss how organization reward and evaluation systems can be used to promote organizational ethics.
Suppose you are trying to choose between 2 plans for your long distance telephone service. If you choose plan 1, your monthly bill will be computed according the equation: B is your monthly billing fee in dollars and Tis your monthly volume of long d..
As a result of the North America Free Trade Agreement, many ionic "American" cars are not assembled in the United States. Please explain why? Provide some examples of U.S.cars that are assembled outside of the United States?
If the price of gasoline is 4.00 per gallon and the price elasticity of demand is 0.4, how much will a 10% reduction in the quantity placed on the market increase the price? Will total spending on gasoline rise if so by what percentage?
Four common bases of payment for physicians are salary, fee for service, fee per case, and capitation. Describe the effect of each payment basis on output. Discuss studies that have examined the relative costs and benefits of each payment system in C..
Explain what "having a comparative advantage” at producing a particular good or service means. What does "having an absolute advantage” at producing a good or service mean?
The president of a growing engineering firm wishes to give each of 20 employees a holiday bonus. How much needs to be deposited each month for a year at a 12% nominal rate, compounded monthly, so that each employee will receive a $2,500 bonus?
Illustrate what was the growth rate of the GDP deflator between 2007 and 2008. What was real GDP in 2007 measured in 2000 prices.
Explain a way that your family interactsin factor market and a way that it interactsin products market. Discuss how circular flow relates to current economic situations.
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