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This will provide insight into the idea of the optimal number of workers and the value of the marginal product of labor.
If wages in the restaurant is $11.00 per hour and the price of a Hamburger is $4.40 and the production function for the workers is:
Q = 5L - 0.5L2
a. How many workers should Your Restaurant employ during the lunch hour to maximize profits?
(note-the value of the marginal product of labor and the marginal revenue product are the same)
We maximize profits which are total revenues less total costs:
The government expenditure multiplier and the tax multiplier are
Consider the market for makers in the imaginary economy of Meekertown. In the absence of international trade, the domestic price of a meeker is $32. Suppose that the world price for a meeker is $24. Meekertownian consumers are better off under free t..
What are the pros and cons of having a database language (like SQL) based on an industry accepted standard?
Sylvia lives in California and qualifies for the CalWorks program (California’s version of TANF). CalWorks participants can earn $225 per month without having their benefits reduced. Beyond $225, benefits are reduced by 50 cents for every dollar of e..
Cost of production- in any industry in Australia where costs of production are an important issue and analyse what is being done in the industry. May be the industry is switching to technology or/and some substitutes have been used to overcome thi..
Which of the following statements about the provision of public goods is true?
The Federal Reserve sets the reserve requirement, which banks must meet through deposits at the Fed and cash held at the bank.
The market for autographs by a superstar baseball player during the 1950s and 1960s indicates that while the player’s autograph is not rare it remains highly desirable and of relatively high price to collectors. Use one graph to show both the demand ..
How do changes affect the equilibrium price and quantity of SUVs if pay increase for workers at car companies. What is the shift in the Supply and Demand Curves and provide a brief explanation of why each change occurs.
(a) Are lower airline fares at midweek an example of third-degree price discrimination?
At what stage of the consumer decision process can a marketer focus on creating primary demand for a new product?
a. How long do you have to pay before the account is overdue? If you take the full period, how much should you remit?
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