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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. 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
a. Complete the table. 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?
Suppose that the interest rate on one-year bonds is 4 percent today, and is expected to be 6 percent one year from now and 7 percent two years from now and 7.5 percent three years from now. Use the expectations hypothesis to compute.
S&B Manufacturing Inc., a manufacturer of packaging products is attempting to select a short run strategy which maximizes the long run value of expected future profits. Their long run value will depend upon their competitor's response. The control..
Joe Sabia, an assistant professor of public policy at American University in Washington, D.C., says that a 10 percent increase in minimum wage reduces retail employment by 1 percent and reduces employment among young workers by 3.4 percent.
The firm believes that AVC varies with the level of output and wages. Alan Anderson, the economist in the research department of the firm, collects monthly data on output (the number of diskettes produced), average variable costs, and wage rates p..
1. The three fundamental economic questions of what, how, and for whom: a-exist because of scarcity. b-are much more serious in a socialist system. c-are not serious in a capitalistic system. d-are not relevant in the industrialized world of today.
Consider a Stackelberg duopoly game of quantity competition. Firm #1 is the "Leader" and firm #2 is the "Follower." Market demand is given by the inverse demand function p=1000-4Q.where Q=q1+q2 is the total output of the two firms.
Explain why this firm would not try to sell more output by undercutting the market price. A calculation is not necessary but you may choose to use it as your explanation. What will happen in this industry in the long run
The eq'm wage is currently $7/hour, eq'm Q of labor is 35 hours. Using generic QLS and QLD labels (if necessary), show what is going on in this economy after the minimum wage goes into effect. How much unemployment results
What will be the net future worth at the end of year 12 of the following income and expenses at an interest rate of 10% per year: Year Income, $ Expenses, $ 0 15,000 11,000 6 - 12 8,000 4,000 1 - 5 9,000 5,000
The banking market in Athens, Ohio, currently has four banks with market shares of 60%, 20%, 15%, and 5%. The two smallest banks have proposed merging. Under the standard merger guidelines of the Federal Reserve and the Justice Department.
The RX Drug company has just purchased a capsulating machine for $76,000 the plant engineer estimates the machine has a useful life of 5 years and no salvage value. Compute the depreciation schedule using: a) Straight-line depreciation b) Double d..
The size of the labor force in a community is 800, and 720 of these folks are gainfully employed. In this community, 200 people over the age of 16 do not have a job and are not looking for work. In addition, 100 people in the community are under t..
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