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Suppose a firm's short-run total product schedule is given in the table below. It sells its output in a competitive market for $1.50 per unit.
a. How many workers will this firm hire at a wage of $7?
b. If the wage rises to $9, how will the firm adjust its employment?
Labor Total Product Marginal Product Marginal Revenue Product 0 0 1 8 2 18 3 29 4 39 5 47 6 52 7 53 8 53
Lenders perceive that you are risky, so you must pay 12 percent annual interest to borrow from one of them. You only receive 6 percent on funds you have deposited in the bank. Do the opportunity costs of borrowing and using your own funds differ.
What is the marginal product of the third worker What is the marginal revenue product of the second worker What is the marginal cost of the fourth worker Based on your knowledge of marginal analysis, how many workers should you hire
Michael, Inc., a manufacturer of electric guitars, is a small firm with 50 employees. a. How many employees receive hourly wages of at least $18? b. What percentage of the employees has hourly wages of at least $18? c. What percentage of the employee..
over the last 10 years, the hurdle or discount rate for projects from the firms research and development division has been 10% twice, 15% three times, and 20% the rest of the time. There is no recognizable pattern.
Terry utility function over leisure (i) and other goods (y) is U(y,1)+y+1*y. the associated marginal utilities are M Uy=1 +1 and M U1=y. he purchases other goods at price of $1, out of the income he earns from working.
Explain why this model violates the assumption of no perfect collinearity. Write the t statistic for testing the null hypothesis
A firm is using 500 units of labor and 100 units of capital to produce 100 units of output. Labor costs $5 per unit and capital $20 per unit. At these input levels, another unit of labor adds 5 units of output, while another unit of capital adds 4..
If the government imposed a minimum wage of w=70, what would be the resulting quantity of labor employed, the wage, and the welfare loss. Also, calculate the change in welfare compared to the free market outcome (i.e., in the absence of minimum w..
1. What is the consumption spending C at the equilibrium 2. The government is willing to consider an increase in public spending only if the multiplier is higher than 1.5. Base on your calculations will the government implement the increase in govern..
During the last 5 years, there has been an increase in the amount food that people are growing in their gardens. Use marginal cost- benefit analysis and the concept of opportunity cost, explain what could have changed the choice.
You currently pay $10,000 per year in a rent to a landlord for a $100,000 house, which you are considering purchasing. you can wualify for a loan of $80,000 at 9% if you put $20,000 down on the house. To raise money for your own downpayment, you w..
Suppose that Glitter Gulch, a gold mining firm, increased its sales revenues on newly mined gold from $10 million to $20 million between one year and the next. Assuming that the price of gold increased by 100 percent over the same period.
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