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1. The AFL-CIO has been a steadfast proponent of increasing the minimum wage. Offer at least two reasons why they might lobby for such increases.
2. Mountain Springs Water Company produces bottled water. Internal consultants estimate the company's production function to be Q = 300L2K, where Q is the number of bottles of water produced each week, L is the hours of labor per week, and K is the number of ma- chine hours per week. Each machine can operate 100 hours a week. Labor costs $20 per hour, and each machine costs $1,000 per week.
a. Suppose the firm has 20 machines and is producing its current output using an optimal K /L ratio. How many people does Mountain Springs employ? Assume each person works 40 hours a week.
b. Recent technological advancements have caused machine prices to drop. Mountain Springs can now lease each machine for $800 a week. How will this affect the optimal K/L ratio (i.e., will the optimal K/L ratio be smaller or larger)? Show why.
Describe the "passing the baton" approach to CEO succession. What other methods are used? Is the likelihood of CEO turnover related to firm performance? Give several examples to support your position.
In most restaurants, waiters receive a big portion of their compensation through tips from customers. Generally, the size of the tip is decided by the customer. However, many restaurants require a 15 percent tip for parties of eight or more.
What were the most compelling topics learned in this course - How did participating in discussions help your understanding of the subject matter? Is anything still unclear that could be clarified?
1.Why will the short run consumption function be different from the long run consumption function?
Calculate the optimal lifetime incomes W+ and W- the firm will promise the two employees. What are the firm's expected profits from hiring Dan and Ann?
Describe how advertising could increase, and how it could decrease, competition in a monopolistically competitive industry and Why is there probably some rivalry in many monopolistically competitive markets?
Post a memo to explain the factors that contribute to the elasticity of goods. Also incorporate a real-life example of price elasticity of demand, and discuss how it impacts the economy.
Computing expected rate of return, required rate of return on a stock. Assume Walmart stock currently sells for $30 per share. The stock just paid a dividend of $0.75 per share.
1.Choose two industries that you believe are very different. Identify factors used in those industries that in the short run are (a) fixed; (b) variable.
Mid-Atlantic Cinema, runs a chain of movie theaters in east central states and has enjoyed great success with a Tuesday Night at the Movies promotion.
Is a "perfectly competitive market" an efficient mechanism for the allocation of scarce resources? When it is, explain why. When it is not, document reasons for either inefficient or undesirable outcomes.
How large of a tax-induced value raise would it take to decrease cigarette consumption by 20%? And Find the factors responsible for difference in elasticity.
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