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At a management luncheon, two managers were overheard arguing about the following statement: "A manager should never hire another worker if the new person causes diminishing returns." Is this statment correct? If so, why? If not, explain why not.
Harriet tubman have felt like a different person after she crossed the border to a free state describe enslaved people were veiwed or treated by southerners and northerners.
The perfectly competitive company takes the equilibrium value set through the market and maximizes profit through manufacturing where price, which also equals marginal revenue, is equal to marginal cost.
A firm has a long-run cost function, C(q) = 4q^2 + 4. In the long run, this firm will supply a positive amount of output, as long as the price is greater than what?
How is the equilibrium price determined? What happens if the price is above the equilibrium price? What happens if the price is below the equilibrium price?
Michelle spends her weekly income of $50 on two goods: cans of hairspray and bottles of nail polish. The price of a can of hairspray is $5 and the price of a bottle of nail polish is $4. If the price of a bottle of nail polish falls to $3:b. the o..
Explain why Chrysler's decision might have been prompted by movements in its wage costs or capital costs, or both. Why would Chrysler have instituted this production change for its most popular
A monopolist has two types of customers. There are 100 of TYPE A, who will each pay up tp $10 for a single unit of the good, and 50 of TYPE B, who will each pay up to $8.00.
Find an expression for average costs (AC) and average variable costs (AVC). Graph them together with marginal costs and find the firm's short run supply curve. Is the whole curve relevant to the long run?
Assuming the industry is perfectly competitive, calculate the domestic equilibrium price and output combination and Is the outcome in part B desirable from society's viewpoint
shut down her business in the short run but continue to operate in the long run. continue to operate in the short run but shut down in the long run.
Compute the marginal rate of substitution of apples for bananas using the marginal utilities. Compute the value of the MRS at (2,4) and at (1, 16).
The underlying trend of growth in the economy is determined by the growth in the number of workers, the growth in the savings and investment rate.
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