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Suppose we have a single-variable input production function such a Q=f(L), where L is the number of workers and Q the quantity of output per day. Workers are paid a flat salary of $200 per day. How will the labor cost per unit of output be affected if output is subject to(a) diminishing returns
(b) increasing returns?
How might the firm increase labor's average productivity?
On a related matter, suppose as production expands. the average productivity of labor increases by 25%. By how much will the labor cost per unit decline?
Determine when a competitively produced product generates negative externalities in production, the industry will,
The firm currently uses 50,000 workers to produce 200,000 units of output per day. The daily wage per worker is $80, and the price of the firm's output is $25. The cost of other variable inputs is $400,000 per day.
what would a 1,500,000-pound-per-year plant cost now Suppose that the construction cost index has increased an average rate of 12 percent per year for the past eight years and that the cost-capacity factor (x) to reflect the economy of scale is 0...
Would an HMO entering the Medicare market expect to experience favorable or adverse selection?
Studies indicate that the price elasticity of demand for cigarettes is about 0.4. If a pack of cigarettes currently costs $5 and the government wants to put a tax on it to reduce smoking by 20%, what should be the size of the tax per pact of cigare..
Two airlines, A and B, are deciding to choose whether Atlanta or Chicago should be their major hub. Given the diagram here, find all equilibria of this game. Airline A Atlanta..
Microsoft sells three different programs in their office suite: Word, Excel and PowerPoint. Each has a marginal cost of $15. There are three types of con- sumers, writers, accountants and professor, who have the following values for the three diff..
Assume oil is an exhaustible resource supplied competitively by many small suppliers. The interest rate is 5% per year. Assume the price in the year 2011 is $40 per barrel, extraction costs are $10 per barrel, constant over time in nominal terms.
What is the annual compounding interest charged? Using the compounding annual interest rate from above, what is the nominal, period interest rate and corresponding effective interest rate if compounding is hourly? Assume 30 days per month.
How much does the economy have to grow (potential output is, 3.5% and the unemployment rate is 7.3%) in 2014 to bring the unemployment rate down to 5%? How much does it have to grow each year to bring the unemployment rate down to 5% by 2017.
Production engineers at Sinotron believe that a modified layout on its assembly lines might increase average productivity (measured in the number of untis produced per hour). However, before the engineers are ready to install the revised layout o..
A local bank offers a customer a 2-year car loan of $10,000 as follows: Money to pay for car : $10,000 Two years' interest at 7% : 2 x 0.07 x 10,000 : $1400 (11,400 total) 24 monthly payments : 11400 / 24 = $475.00
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