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Assuming the selling price of output is $2, fill in the values in the table below.
Labor Total Product Marginal Product Total Revenue Value of Marginal Product0 01 172 313 434 535 606 65
1. How many workers would the firm hire if the going wage rate were $27.95? How many would it hire if the wage rate were $19.95? Why would the firm not hire more (or less) than the numbers you have chosen?
2. How can you tell that the firm sells its product in a perfectly competitive product market?
Manke a graph showing the relationship between two variables, X and Y . Determine whether the relationship is negative or positive
What is the optimal level of pollution P = 2P + P^2 => MC = 2 + 2P CC = 5 - 3P => MC = -3 to find the optimal level of pollution as recommended, we need to set total marginal cost = 0, then I have 2 + 2P -3 = 0 => 2P -1 = 0 => P = 0.5 You have alread..
a tire manufacturer warranties its tires to last at least 20,000 miles or "you get a new set". In its experience, a set of these tires last on average 26,000 miles with a standard deviation of 5, 000 miles, Assume that the wear is normally distrib..
In the economy of Scottopia in 2008, exports equaled $400 billion of goods and $300 billion of services, imports equaled $500 billion of goods and $350 billion of services, and the rest of the purchased $250 billion of Scottopia's assets.
Suppose nominal GDP in 2005 was $14 trillion, and in 2006 it was $15 trillion. The general price index in 2005 was 100, and in 2006 it was 103. Between 2005 and 2006, real GDP rose by what percent
If people in Pantherville hold all money as currency, what is the quantity of money? b) If people hold all money as demand deposits and the Bank of Pantherville maintains 100% reserves, what is the quantity of money? c) If people hold equal amount..
Calculate a 5-year weighted moving average to forecast the number of mergers for 2012. Use weights of 0.10, 0.15, 0.20, 0.25, and 0.30, with the most recent year weighted being the largest. Use regression analysis to forecast the number of mergers..
A company is considering building a bridge across a river. The bridge would cost $2 million to build and nothing to maintain. The following table shows the company's anticipated demand over the lifetime of the bridge Price Per Crossing Number of C..
if the economy is at point c, what is the cost of one more automobiles of one more forklifts which characteristics of the production curve reflects the law of increasing opportunity costs: its shape or its length
A company is considering replacing a painting machine purchased 9 years ago for $700,000. It has a market value today of $40,000. The unit costs $350,000 annually to operate and maintain. A new unit can be purchased for $800,000 and will have annu..
The company interest rate (MARR) is 15%. The company will make a down payment of 25% of the first cost for the Pick-M-Up and 15% of the first cost for Carter's. The loan will have an annual effective interest rate of 10% with annual payments.
Year Actual 5yr move 3yr exponential exponential demand average avg. smoothing smoothing W=0.9 W=0.3 2000 800 xxxxx xxxxx xxxxx xxxxx 2001 925 xxxxx xxxxx 2002 900 xxxxx xxxxx 2003 1025 xxxxx 2004 1150 xxxxx 2005 1160 2006 1200 2007 1150 2008 1..
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